Electricity falls under Essential Service which must not be restrict during CIRP Period: NCLAT

The Appellate Tribunal held that IBC allows the payment of dues for essential services during the CIRP period
By Yogitha S. Yogesh - On July 29, 2024 1:14 pm - 2 mins read
CIRP - NCLAT - CIRP Period - Corporate Insolvency Resolution Process - Corporate Insolvency - essential Service during CIRP - taxscan

In a recent case, the Delhi bench of the National Company Law Appellate Tribunal ( NCLAT ) held that electricity falls under essential service and must continue during the Corporate Insolvency Resolution Process ( CIRP ) period. Earthcon Infracon Pvt. Ltd. ( Corporate Debtor ) was developing two residential projects, “Sanskriti” and “CASA.” In 2019,…

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