# In the matter of Abhijeet MADC Nagpur Energy Pvt. Ltd. MA 665-2018, IA 678-2018 In CP (IB) 1315-I&BP-2017

> NCLT judgment dated 2018-08-31. Citation: TCN-2018-NCLT-00832. The case involves MA 665/2018 and IA 678/2018 filed in CP (IB) 1315/I&BP/2017 under section…

- **Court:** NCLT
- **Order date:** 31 Aug 2018
- **Citation:** TCN-2018-NCLT-00832
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abhijeet-madc-nagpur-energy-pvt-ltd-ma-665-2018-ia-678-2018-in-cp-ib-1315-ibp-20-38c472c0

## Summary

### Background

The case involves MA 665/2018 and IA 678/2018 filed in CP (IB) 1315/I&BP/2017 under section 33(1)(a) r/w & 60(5) of the IBC, 2016. The Resolution Professional, Vinod Kumar Kothari, filed the MA seeking a liquidation order because no resolution plan was approved by the Committee of Creditors (CoC) within the Corporate Insolvency Resolution Process (CIRP) period, which expired on 4.7.2018. The CIRP involved inviting Expressions of Interest (EOI) from prospective Resolution Applicants (RA), evaluating resolution plans, and negotiating with the preferred RA. The CIRP period was extended by 90 days vide order dated 3.4.2018.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Abhijeet MADC Nagpur Energy Pvt. Ltd. The petition was admitted on 6.10.2017, and Vinod Kumar Kothari was appointed as the Interim Resolution Professional (IRP). The CIRP period was extended by 90 days on 3.4.2018. The Resolution Professional (RP) invited Expressions of Interest (EOI) from prospective Resolution Applicants (RA) in two instances. The first invitation was published on 26.12.2017, resulting in three EOIs. One Resolution Applicant submitted a Resolution Plan on 31.1.2018, which was presented to the CoC on 13.2.2018. The CoC was not satisfied with the plan and invited another round of EOIs on 22.3.2018, resulting in seven EOIs, but only two RAs submitted Resolution Plans by 31.5.2018.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Abhijeet MADC Nagpur Energy Pvt. Ltd., should be liquidated due to …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC) mandates the initiation of

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**Reasoning:** The CoC failed to approve any of the submitted resolution plans, and the CIRP period had

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if a resolution plan is not

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**Application:** Since no resolution plan was approved by the CoC within the CIRP period, the

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## Parties

- **Judges:** B.S.V. Prakash…; RavikumarDu…
- **Appellants:** Vinod Kumar…
- **Respondents:** Abhijeet MADC…
- **Advocates:** RICHA S…; Anuj Jh…; +1 more

## Timeline

- **2017-10-06 — Petition Ad…**: Petition admitted under…
- **2017-12-26 — First EOI Inv…**: First invitation of Expressions of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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