# In the matter of Lanco Solar Private Limited MA No. 676-2020 in CP(IB)No. 20-7-HDB-2019

> NCLT judgment dated 2021-08-04. Citation: TCN-2021-NCLT-01465. The case involves an application (MA No. 676/2020) filed in CP(IB)No.20/7/HDB/2019 by the…

- **Court:** NCLT
- **Order date:** 4 Aug 2021
- **Citation:** TCN-2021-NCLT-01465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lanco-solar-private-limited-ma-no-676-2020-in-cpibno-20-7-hdb-2019-1ababde9

## Summary

### Background

The case involves an application (MA No. 676/2020) filed in CP(IB)No.20/7/HDB/2019 by the Resolution Professional (RP) seeking an order for the liquidation of the Corporate Debtor, Lanco Solar Private Limited, under Section 33(2) of the Insolvency and Bankruptcy Code (I&B Code), 2016. The RP also sought the appointment of Mr. Huzefa Fakhri Sitabkhan as the Liquidator under Sections 34(4)(c) and 34(5) of the I&B Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Lanco Solar Private Limited based on an application filed by Axis Bank Limited under Section 7 of the I&B Code, which was admitted on May 17, 2019. The CIRP period was extended, but no resolution plan was received by the deadline. The Committee of Creditors (CoC)

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## Facts

Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Lanco Solar Private Limited, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The application was admitted on 17.05.2019. Mr. Huzefa Fakhri Sitabkhan was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP). An invitation for expression of interest was published, with a deadline of 27.09.2019 for the receipt of claims. The statutory CIRP period was to lapse on November 13, 2019, but the Committee of Creditors (CoC) voted to extend the period. The deadline for submitting a resolution plan was extended to November 30, 2019. No resolution plans were received. The CoC, in its 10th

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Lanco Solar Private Limited, …

**Ratio:** Section 33(2) of the I&B Code allows the Adjudicating Authority to order the

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received despite the

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**Interpretation:** Section 33(2) is interpreted to mean that if the CIRP fails to produce a viable

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**Application:** In this case, since no resolution plan was received, and the CoC voted for

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## Parties

- **Judges:** Madan B.…; BINOD KUMAR…
- **Appellants:** Axis Ban…
- **Respondents:** Lanco Solar Pvt…

## Timeline

- **2019-05-17 — CIRP Init…**: Application filed by Axis Bank…
- **2019-06-28 — 1st CoC M…**: Huzefa Fakhri Sitabkhan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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