# In the matter of Enfield Solar Energy Limited CA(IB) No. 1801-KB-2019 in C.P. (IB) No. 354-KB-2018

> NCLT judgment dated 2020-01-10. Citation: TCN-2020-NCLT-02394. The case pertains to the initiation of the Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 10 Jan 2020
- **Citation:** TCN-2020-NCLT-02394
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/enfield-solar-energy-limited-caib-no-1801-kb-2019-in-cp-ib-no-354-kb-2018-1300bf1d

## Summary

### Background

The case pertains to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Enfield Solar Energy Limited by State Bank of India, the Financial Creditor, due to a default in paying a financial debt of Rs. 81,10,16,834/-. The CIRP was initiated by an order dated 27.06.2019. The Interim Resolution Professional (IRP) was appointed, who made a public announcement of the CIRP and called upon creditors to submit claims. The IRP received claims from financial creditors and some operational creditors and constituted a Committee of Creditors (CoC).

## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Enfield Solar Energy Limited due to a default of Rs. 81,10,16,834/-. The CIRP was initiated on 27.06.2019. Bijay Murmuria was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and called for claims from creditors. The IRP received claims from financial and operational creditors and formed a Committee of Creditors (CoC). The IRP visited the corporate debtor's site and registered office but could not find directors, officers, or required books of accounts. A notice was published calling for expression of interest/resolution plans, but no EOI or resolution plan was received. The CoC passed a resolution on 18.12.2019 requesting liquidation. The CIRP

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Enfield Solar Energy Limited, should be liquidated due to the failure …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of

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**Reasoning:** The Corporate Debtor failed to attract any resolution plan within the CIRP period. The

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**Interpretation:** The interpretation of Section 31(1) is that if the CIRP fails to produce a

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**Application:** Since no resolution plan was received and the CoC voted for liquidation,

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** Enfield Solar…

## Timeline

- **2019-06-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Enfield Solar Energy…
- **2019-07-26 — Public Announcement of…**: The IRP made a public announcement of CIRP of the Corporate Debtor and called upon the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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