Adani group clears past Electricity dues of NRC company; pays Rs. 1.69 crore to MSEDCL-Kalyan Office

Adani group has deposited two cheques amounting Rs.1.69 Crore to MSEDCL-Kalyan office towards old dues of Electricity Charges of M/s NRC Ltd. MSEDCL officials have conveyed their sincere thanks to the Adani team towards resolving the old pending matters.

M/s NRC Ltd is situated at Mohone-Kalyan, the company was closed-down in Sept-2009. Due to irregularities in payment towards Electricity charges, the company's Electrical supply was cut by MSEDCL in 2016. Few representations were made to MSEDCL to restore partial electricity supply especially to the water pump-house to continue the water supply for the colony areas. MSEDCL restored restricted electrical supply to the water pump-house, however M/s NRC Ltd even could not pay the monthly electricity charges for the pump-house due to its poor financial condition hence there was a long pending dispute between NRC Ltd and MSEDCL.

Thereafter NRC Ltd went under NCLT in 2018 under IBC Act and Adani Group acquired the company through NCLT process in 2020. Pursuant to the NCLT court order, all the past liabilities prior to the date of approved Resolution Plan get automatically extinguished. As per the provision of IBC Act, Resolution Applicant is liable to pay actual electricity consumption from the date of commencement of Corporate Insolvency Resolution Process (CIRP). Adani team approached MSEDCL and represented their case and accordingly MSEDCL has submitted fresh demand charges of Rs. 1.69 Crore in Mar-21 to NRC Ltd and requested Adani to pay it before 31st Mar 2021.

Adani team visited MSEDCL office and deposited the cheque for Rs.1.69 Crore which shows a deep commitment of all statutory payment as per NCLT order. Adani group decided to develop world-class Logistic Park at this place and already started discussion of their future power demand with MSEDCL officials.

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