# In the matter of Confident Solar Private Limited Company Petition (I.B.) No. 507-KB-2017

> NCLT judgment dated 2018-07-04. Citation: TCN-2018-NCLT-01195. SREI Infrastructure Finance Limited filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 4 Jul 2018
- **Citation:** TCN-2018-NCLT-01195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/confident-solar-private-limited-company-petition-ib-no-507-kb-2017-fe789cef

## Summary

### Background

SREI Infrastructure Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Confident Solar Private Limited. The application was admitted, and an Interim Resolution Professional (IRP) was appointed. The IRP continued with the CIRP process, and his name was approved by the Committee of Creditors (CoC).

## Facts

SREI Infrastructure Finance Limited, the Financial Creditor, initiated CIRP against Confident Solar Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on January 5, 2018, and Mr. Rakesh Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). The IRP's appointment was approved by the Committee of Creditors (CoC). Despite efforts to find a resolution applicant, including newspaper advertisements, no one came forward to take over the Corporate Debtor's assets. The CIRP period of 180 days expired on July 3, 2018. The CoC unanimously decided on June 21, 2018, not to proceed further with the CIRP and requested liquidation. The last publication regarding the submission of

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Confident Solar Private Limited, should be liquidated due to the lack …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) provides for liquidation when resolution efforts

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**Reasoning:** The court reasoned that despite efforts to find a resolution applicant, none came

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**Interpretation:** The IBC prioritizes resolution but recognizes that liquidation is necessary

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**Application:** In this case, the lack of resolution applicants and the CoC's decision to

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## Parties

- **Judges:** Jinan…
- **Appellants:** SREI Infrastructur…
- **Respondents:** Confident Solar…

## Timeline

- **2018-01-05 — Application A…**: The application for CIRP was…
- **2018-02-02 — CoC Meet…**: The Committee of Creditors (CoC) approved the name of the Interim Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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