# In the matter of Corporate Power Limited IA (IB) No. 431-KB-2021
in CP (IB) No. 23-KB-2019

> NCLT judgment dated 2021-10-08. Citation: TCN-2021-NCLT-00766. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 8 Oct 2021
- **Citation:** TCN-2021-NCLT-00766
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/corporate-power-limited-ia-ib-no-431-kb-2021-in-cp-ib-no-23-kb-2019-01d997e0

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of Corporate Power Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Asset Reconstruction Company (India) Limited. The CIRP period expired without a resolution plan being approved by the Committee of Creditors (CoC).

## Facts

Asset Reconstruction Company (India) Limited, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Corporate Power Limited. The Adjudicating Authority admitted the petition on 2020-02-19, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing Pankaj Dhanuka as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. A Committee of Creditors (CoC) was duly constituted with eight financial creditors. The first CoC meeting was held on 2020-03-20, confirming the appointment of the IRP as the RP. The publication for invitation of EoIs in Form G was done on 2020-06-27. The RP received seven EOIs and issued a list of prospective Resolution Applicants.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Corporate Power Limited, should be …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code (IBC) mandates the Adjudicating

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**Reasoning:** The court reasoned that the CIRP period had expired, and no resolution plan was approved

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**Interpretation:** Section 33(1) is interpreted as a mandatory provision that requires the

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**Application:** In this case, the CIRP period for Corporate Power Limited had expired, and no

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Asset Reconstructi…
- **Respondents:** Corporate Power…
- **Advocates:** Avishek S…; Dwaipayan Basu…; +2 more

## Timeline

- **2020-02-19 — CIRP Init…**: Adjudicating Authority admitted a petition under Section 7 of the IBC filed by Asset…
- **2020-02-22 — Public Annou…**: Public announcement was made in Financial Express (English), Sanmarg (Hindi), Morning…

## 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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