# 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-00770. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 8 Oct 2021
- **Citation:** TCN-2021-NCLT-00770
- **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-2019-5d38c933

## 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, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Pankaj Dhanuka was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was formed, comprising eight financial creditors. The RP received seven Expressions of Interest (EOIs) but no resolution plan was approved by the CoC within the CIRP period. One resolution plan was received from Vedanta Limited but it was non-compliant with the provisions of the Code. The CIRP period

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor under …

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

…

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

…

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

…

**Application:** In this case, the CIRP period expired without a resolution plan. The court

…

## Parties

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

## Timeline

- **2020-02-19 — Initiation…**: The Adjudicating Authority directed the initiation of the Corporate Insolvency Resolution…
- **2020-02-22 — Public Annou…**: Public announcement was made in Financial Express, Sanmarg, Morning India, and Aajkal…

---

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/corporate-power-limited-ia-ib-no-431-kb-2021-in-cp-ib-no-23-kb-2019-5d38c933