NCLT directs Chhattisgarh SEB to continue power supply to Monnet Ispat
The Mumbai bench of National Company law Tribunal (NCLT) has ruled in favour of the debt-laden Monnet Ispat and Energy, directing the Chhattisgarh State Electricity Board to continue with the existing power supply arrangement to the steelmaker.
The electricity board had suspended the arrangement in view of the company’s poor financial situation. But the NCLT on Monday passed an interim order in favour of Monnet Ispat and has called the parties for further hearing on November 6.
The steel company had an arrangement with the state transmission board of Chhattisgarh since November last year which allowed Monnet to send surplus power from its captive power plant in Raigarh to its plant in Raipur for optimum utilisation of the power.