# In the matter of Enel Vayu (Project 2) Private Limited

> NCLT judgment dated 2025-07-01. Citation: TCN-2025-NCLT-01061. The case involves an application filed by ENEL Green Power India Private Limited, the…

- **Court:** NCLT
- **Order date:** 1 Jul 2025
- **Citation:** TCN-2025-NCLT-01061
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/enel-vayu-project-2-private-limited-203b1368

## Summary

### Background

The case involves an application filed by ENEL Green Power India Private Limited, the shareholder of Enel Vayu (Project 2) Private Limited, seeking withdrawal of voluntary liquidation proceedings initiated under Section 59 and 60(5) of the Insolvency and Bankruptcy Code, 2016.

## Facts

Enel Vayu (Project 2) Private Limited initiated voluntary liquidation proceedings.

ENEL Green Power India Private Limited, the shareholder, filed an application to withdraw the voluntary liquidation.

The company was incorporated on 26.06.2012 to generate renewable power.

The management decided to wind up the company in a board meeting on 28.12.2022 to eliminate operating expenses.

Suman Kumar was appointed as the liquidator.

The liquidator published a public announcement of the commencement of liquidation on 26.01.2023.

The management decided to withdraw the liquidation due to dynamic economy and evolving market conditions.

The liquidator expressed no objection to the withdrawal of voluntary liquidation.

The shareholders also obtained consent for the withdrawal of liquidation.

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## Issues and analysis

### Issue 1: Whether the Tribunal can allow the withdrawal of voluntary liquidation proceedings under Section 59 …

**Ratio:** The Tribunal can allow the withdrawal of voluntary liquidation proceedings if the

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**Reasoning:** The Tribunal noted that the voluntary liquidation was not a result of financial distress

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**Interpretation:** The absence of a specific provision for withdrawal does not preclude the

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**Application:** The Tribunal applied this principle to the present case, considering the

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## Parties

- **Judges:** Harnam Singh…; SHISHIR A…
- **Appellants:** ENEL Green Power…
- **Respondents:** Enel Vayu…; Suman Kumar…
- **Other parties:** Namrata…; Suman K…
- **Advocates:** Mohit Cha…; Ashutosh…; +2 more

## Timeline

- **2012-06-26 — Incorpor…**: The Company was incorporated under the…
- **2022-12-28 — Board Me…**: The management decided to wind up the affairs of the Company by passing a resolution for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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