# 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-01450. 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-01450
- **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-2018-0535630f

## 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 under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the Resolution Plan. The Adjudicating Authority had admitted an application under Section 9 of the IBC, 2016, vide its order dated 12.07.2019, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing Mr. Mahadev Tirunagari as the Interim Resolution Professional (IRP), who was later appointed as the 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 following the admission of an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. 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, leading to the submission of a resolution plan by Progressive Power Solutions LLP. The Committee of Creditors (CoC) approved the resolution plan with a 97.5% voting share. The resolution plan proposed certain payments to secured and unsecured financial creditors, including Progressive Power Solutions LLP, and addressed the treatment of dissenting financial

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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 IBC, 2016, specifies the requirements that a resolution plan must

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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 the mandatory requirements for a resolution plan to be

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**Application:** The Adjudicating Authority, upon perusal of the Resolution Plan, found that it

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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,…
- **2019-10-17 — Invitation for…**: Invitation for the Expression of Interest (EoI) was published in Newspapers with last…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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