# In the matter of Epower Energy (India) Private Limited IA No. 764 of 2020 in CP (IB) No. 364-9-HDB-2018

> NCLT judgment dated 2021-08-05. Citation: TCN-2021-NCLT-01446. The case involves an Interlocutory Application (IA No.764 of 2020) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 5 Aug 2021
- **Citation:** TCN-2021-NCLT-01446
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/epower-energy-india-private-limited-ia-no-764-of-2020-in-cp-ib-no-364-9-hdb-2018-0345abd9

## Summary

### Background

The case involves an Interlocutory Application (IA No.764 of 2020) filed by the Resolution Professional (RP) of M/s. Epower Energy (India) Private Limited, seeking approval of the Resolution Plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of an application under Section 9 of the IBC, 2016, by the Adjudicating Authority on 12.07.2019. Mr. Mahadev Tirunagari was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). An invitation for Expression of Interest (EoI) was published, and one resolution plan was received from M/s. Progressive Power Solutions LLP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Epower Energy (India) Private Limited after an application under Section 9 of the IBC, 2016 was admitted on 12.07.2019. Mahadev Tirunagari was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). An invitation for Expression of Interest (EoI) was published on 17.10.2019, with a submission deadline of 01.11.2019. One resolution plan was received from Progressive Power Solutions LLP. The Committee of Creditors (CoC) approved the Resolution Plan with a 97.5% voting share on 13.02.2020. The Resolution Applicant, Progressive Power Solutions LLP, furnished a Performance Security of Rs.2,00,00,000/-. The Resolution Plan proposed specific payments to

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Progressive Power Solutions LLP meets the requirements of …

**Ratio:** Section 30(2) of the I&B Code, 2016, specifies the requirements that a resolution

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**Reasoning:** The Adjudicating Authority observed that the Resolution Plan provided for the payment of

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** Madan B.…; BINOD KUMAR…
- **Appellants:** Mahadev Tir…
- **Respondents:** EPower Energy…
- **Advocates:** Y. Suryana…

## Timeline

- **2019-07-12 — Admission of Application…**: The Adjudicating Authority admitted the application filed under section 9 of the IBC,…
- **2019-07-12 — Appointment…**: Mr. Mahadev Tirunagari was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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