# In the matter of Muskaan Power Infrastructure Ltd. CA No. 137-2018 In CP (IB) No.39-Chd-Pb-2017

> NCLT judgment dated 2018-12-11. Citation: TCN-2018-NCLT-00124. The case pertains to an application filed by the Resolution Professional under Section 33(2)…

- **Court:** NCLT
- **Order date:** 11 Dec 2018
- **Citation:** TCN-2018-NCLT-00124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/muskaan-power-infrastructure-ltd-ca-no-137-2018-in-cp-ib-no39-chd-pb-2017-ae06771e

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 33(2) and 34(1) of the Insolvency and Bankruptcy Code, 2016, read with IBBI (Liquidation Process) Regulations, 2016. The corporate insolvency resolution process (CIRP) was initiated against Muskaan Power Infrastructure Limited based on a petition filed by the financial creditor, Sunrise 14 A/S Denmark, under Section 7 of the Code. The petition was admitted on 28.07.2018, and Mr. Jalesh Kumar Grover was appointed as the Interim Resolution Professional. The order of admission was initially set aside by NCLAT but later restored by the Supreme Court. During the CIRP, the CoC was constituted, and efforts were made to find a resolution plan. However, the CoC ultimately resolved to

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## Facts

Sunrise 14 A/S Denmark, a financial creditor, initiated corporate insolvency resolution process (CIRP) against Muskaan Power Infrastructure Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 2018-07-28, and Jalesh Kumar Grover was appointed as the Interim Resolution Professional (IRP). The admission order was initially overturned by the National Company Law Appellate Tribunal (NCLAT) but later reinstated by the Supreme Court. During the CIRP, a Committee of Creditors (CoC) was formed. The initial 180-day period for the CIRP was extended by another 90 days. Despite inviting resolution plans, only one plan was received from Ravi Mahajan, a member of the suspended Board of Directors, but he was deemed ineligible under

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## Issues and analysis

### Issue 1: Whether the corporate debtor, M/s Muskaan Power Infrastructure Limited, should be liquidated due to …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC) mandates the initiation of

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**Reasoning:** The CoC resolved to liquidate the corporate debtor due to the ineligibility of the sole

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the corporate insolvency

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**Application:** In this case, the corporate insolvency resolution process failed to produce a

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Sunrise 14 A/S…
- **Respondents:** Muskaan Power…

## Timeline

- **2017-08-03 — Appointment of Interim…**: Jalesh Kumar Grover was appointed as…
- **2017-12-06 — NCLAT Or…**: The order of admission passed by the Tribunal was set aside by the National Company Law…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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