# In the matter of Gujarat Hydrocarbons and Power SEZ Limited

> NCLT judgment dated 13 Sept 2023. Citation: TCN-2023-NCLT-01644. The case originated from an application filed under section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 13 Sept 2023
- **Citation:** TCN-2023-NCLT-01644
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gujarat-hydrocarbons-and-power-sez-limited-4b3ae9be

## Summary

### Background

The case originated from an application filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. SREI Infrastructure Finance Limited (Financial Creditor) against M/s. Gujarat Hydrocarbons and Power SEZ Limited (Corporate Debtor). This application was admitted by the Adjudicating Authority, Bench III, on November 18, 2020, leading to the declaration of a moratorium and the appointment of Mr. Rakesh Kumar Agarwal as the Interim Resolution Professional. Subsequently, a Resolution Plan, which included a revised/final version dated April 5, 2021, and August 23, 2021, was submitted by the Successful Resolution Applicant, M/s. Zaveri & Co. Pvt. Ltd. This plan received 100% voting share approval from the Committee of Creditors (CoC) in its 11th meeting on August 30, 2021, under Section 30(4) of the IBC, after a thorough assessment of its feasibility and viability for the Corporate Debtor's Corporate Insolvency Resolution Process (CIRP).

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## Facts

An application under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was filed by M/s. SREI Infrastructure Finance Limited (Financial Creditor) against M/s. Gujarat Hydrocarbons and Power SEZ Limited (Corporate Debtor). The Adjudicating Authority, Bench III, admitted this application on November 18, 2020, initiating a moratorium and appointing Mr. Rakesh Kumar Agarwal as the Interim Resolution Professional. This marked the formal commencement of the Corporate Insolvency Resolution Process (CIRP) for the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can direct the Resolution Professional to set aside or…

**Ratio:** The legal rule laid down is that the Adjudicating Authority lacks the power to interfere…

**Reasoning:** The Adjudicating Authority reasoned that there is no provision under the IBC that allows…

**Interpretation:** The court interpreted the provisions of the IBC to mean that each CIRP is a…

**Application:** Applying this interpretation, the Adjudicating Authority found that the…

## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Advocates:** For the Applicant:…; Arav Pa…; +9 more

## Timeline

- **November 18, 2020 — CIRP Admi…**: Application under Section 7 of IBC filed by M/s. SREI Infrastructure Finance Limited…
- **April 5, 2021 — Application…**: Mr. Kanwar Raj Bhagat, Suspended Director, filed IA-1764/2021 under Section 60(5) of IBC…

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