# In the matter of Microsun Solar Tech Private Limited I.A. No. 368 of 2021 in C.P.(IB)No. 41-BB-2021

> NCLT judgment dated 1 Feb 2022. Citation: TCN-2022-NCLT-04305. The present application, I.A. No. 368 of 2021, was filed by Mr. Madhugiri Venkatarayappa…

- **Court:** NCLT
- **Order date:** 1 Feb 2022
- **Citation:** TCN-2022-NCLT-04305
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/microsun-solar-tech-private-limited-ia-no-368-of-2021-in-cpibno-41-bb-2021-ac76eddd

## Summary

### Background

The present application, I.A. No. 368 of 2021, was filed by Mr. Madhugiri Venkatarayappa Sudarshan, the Resolution Professional of M/s. Microsun Solar Tech Private Limited (Corporate Debtor), under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The application sought an order for the liquidation of the Corporate Debtor and the appointment of Mr. Madhugiri Venkatarayappa Sudarshan as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) against M/s. Microsun Solar Tech Private Limited was initiated based on an application filed by M/s. S. V. Solar Solutions under Section 9 of the IBC, 2016, and was admitted on April 6, 2021.

## Facts

The application, I.A. No. 368 of 2021, was filed by Mr. Madhugiri Venkatarayappa Sudarshan, the Resolution Professional of M/s. Microsun Solar Tech Private Limited (Corporate Debtor). The purpose of the application was to obtain an order for the liquidation of the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 and to appoint Mr. Madhugiri Venkatarayappa Sudarshan as the Liquidator.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Microsun Solar Tech Private Limited, should be liquidated under…

**Ratio:** When the Committee of Creditors, exercising its commercial wisdom, unanimously approves…

**Reasoning:** The Committee of Creditors (CoC) in its 10th meeting on October 28, 2021, unanimously…

**Interpretation:** The court interpreted **Section 33(1) and 33(2) of the IBC** to mean that if no…

**Application:** In this case, the CIRP period, including its extension, expired without any…

## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Advocates:** For the Applicant:…

## Timeline

- **April 6, 2021 — CIRP Admi…**: C.P.(IB)No.41/BB/2021 filed under Section 9 of the IBC by M/s. SV Solar Solutions against…
- **May 3, 2021 — Appointment of…**: In the 1st CoC meeting, Mr. Madhugiri Venkatarayappa Sudarshan was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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