# In the matter of Athena Chhattisgarh Power Limited IA 551-2019 in CP (IB) No. 616-7-HDB-2018

> NCLT judgment dated 2020-09-03. Citation: TCN-2020-NCLT-00722. The case involves an application (IA No. 551 of 2020) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 3 Sept 2020
- **Citation:** TCN-2020-NCLT-00722
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/athena-chhattisgarh-power-limited-ia-551-2019-in-cp-ib-no-616-7-hdb-2018-926b6d83

## Summary

### Background

The case involves an application (IA No. 551 of 2020) filed by the Resolution Professional (RP) of M/s. Athena Chhattisgarh Power Limited under Section 12(2) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 40C of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. The RP sought exclusion of a period from 2020-03-25 to 2020-06-30 (97 days) from the CIRP timeline due to the COVID-19 pandemic and subsequent lockdown, and also sought an extension of 120 days from 2020-07-01 to 2020-10-28 for completion of the CIRP.

## Facts

The Resolution Professional (RP) of M/s. Athena Chhattisgarh Power Limited filed an application seeking exclusion of 97 days from the CIRP timeline due to the COVID-19 pandemic and lockdown. The RP also sought an extension of 120 days for completing the CIRP. The CIRP was initiated based on an application under Section 7 of the IBC, 2016, admitted on 2019-05-15. Mr. C. Bala Mouli was appointed as the Interim Resolution Professional (IRP) and later confirmed as RP. The RP published Form G, and Expressions of Interest (EoI) were received from M/s. Adani Power Limited, M/s. Vedanta Limited, and M/s. Megha Engineering & Infrastructure Limited. The CIRP period had already been extended by 90 days and 60 days. APGENCO, along with Vedanta Limited, showed serious interest

…

## Issues and analysis

### Issue 1: Whether the exclusion of 97 days from the CIRP timeline due to the COVID-19 pandemic and lockdown …

**Ratio:** Regulation 40C of the Insolvency Resolution Process for Corporate Persons Regulations,

…

**Reasoning:** The Adjudicating Authority considered the economic scenario emerging due to the COVID-19

…

**Interpretation:** Regulation 40C provides a mechanism to address unforeseen circumstances that

…

**Application:** The Adjudicating Authority applied Regulation 40C to the facts of the case,

…

## Parties

- **Judges:** K. Anantha…
- **Appellants:** C. Bala…
- **Respondents:** Athena Chhattisgar…
- **Advocates:** P Ravi C…; Niharika A…

## Timeline

- **2018-01-01 — CIRP Init…**: CIRP initiated against Athena…
- **2019-05-15 — Application A…**: Application under Section…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(2) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/athena-chhattisgarh-power-limited-ia-551-2019-in-cp-ib-no-616-7-hdb-2018-926b6d83