# In the matter of KSK Energy Ventures Limited IA 201 & 563 of 2020 in CP (IB) No. 675-7-HDB-2018

> NCLT judgment dated 2020-11-02. Citation: TCN-2020-NCLT-00313. The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 2 Nov 2020
- **Citation:** TCN-2020-NCLT-00313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ksk-energy-ventures-limited-ia-201-563-of-2020-in-cp-ib-no-675-7-hdb-2018-1c732f2f

## Summary

### Background

The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, filed in connection with the Corporate Insolvency Resolution Process (CIRP) against KSK Energy Ventures Limited. IFCI, a financial creditor, initiated the CIRP. The applicant, Inox Air Products Private Limited, sought reassessment of its claim by the Resolution Professional. The Committee of Creditors (CoC) later decided to liquidate the Corporate Debtor due to the absence of a viable resolution plan. The Resolution Professional was initially appointed as the liquidator but disagreements arose regarding the fees, leading to the appointment of a new liquidator.

## Facts

IFCI initiated CIRP against KSK Energy Ventures Limited under Section 7 of IBC. Inox Air Products Private Limited, an operational creditor, filed an application seeking reassessment of its claim. Inox had purchased equity shares of SWPGL from KSK Energy Ventures and entered into a Power Delivery Agreement. SWPGL failed to resume the supply of power, leading to the termination of agreements and claims by Inox. The CoC resolved to liquidate KSK Energy Ventures due to the absence of a viable resolution plan. The Resolution Professional and the CoC disagreed on the liquidator's fees. The Tribunal then appointed Mr. Krishna Komaravolu as the liquidator.

## Issues and analysis

### Issue 1: Whether the Resolution Professional should …

**Ratio:** Section 60(5) of the Insolvency & Bankruptcy Code, 2016 allows the Adjudicating

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**Reasoning:** The court initially considered directing the Resolution Professional to reassess the

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**Interpretation:** The provision allows the Adjudicating Authority to intervene in the claim

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**Application:** The court initially considered directing the Resolution Professional to

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## Parties

- **Judges:** K. Anantha…; Veera Brahma Rao…
- **Appellants:** IFCI…
- **Respondents:** KSK Energy…

## Timeline

- **2019-09-04 — CIRP Comm…**: Corporate Insolvency Resolution Process…
- **2018-11-09 — CP(IB) No. 275/2018…**: Admission of Company Petition bearing CP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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