# In the matter of Neutrino Power Systems Pvt. Ltd. IA 542-2018 In CP (IB) No. 125-10-HDB-2017

> NCLT judgment dated 2018-12-14. Citation: TCN-2018-NCLT-00073. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 14 Dec 2018
- **Citation:** TCN-2018-NCLT-00073
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neutrino-power-systems-pvt-ltd-ia-542-2018-in-cp-ib-no-125-10-hdb-2017-2c970fe3

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Neutrino Power Systems Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated after filing CP(IB) NO. 125/10/HDB/2017. Initially, a moratorium was declared, and Mrs. Sandhya Kothlapuram was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Chandra Sekhar Arasada replaced her as the Resolution Professional. An Expression of Interest (EOI) was issued, and M/s Jainco Projects (India) Limited showed interest but ultimately did not submit a viable resolution plan. Several Committee of Creditors (CoC) meetings were held to discuss the resolution plan and CIRP costs. The CoC eventually rejected the revised

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## Facts

Neutrino Power Systems Private Limited underwent Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, initiated by filing CP(IB) NO. 125/10/HDB/2017. Initially, Mrs. Sandhya Kothlapuram was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Chandra Sekhar Arasada. An Expression of Interest (EOI) was issued, attracting interest from M/s Jainco Projects (India) Limited. However, the resolution plan submitted by Jainco Projects had lacunae and was sent back for revision. The resolution applicant reduced the payment offer from Rs.127.60 lakhs to Rs.95 lakhs, leading to the Committee of Creditors (CoC) rejecting the revised plan. Nine CoC meetings were conducted. The CoC observed that

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor under …

**Ratio:** Section 33(1)(a) of the IBC, 2016, mandates that where the Adjudicating Authority does

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**Reasoning:** The Adjudicating Authority reasoned that since no resolution plan was approved by the

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**Interpretation:** Section 33(1)(a) is interpreted to mean that if the CIRP fails to produce an

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**Application:** In this case, the CIRP failed to produce an approved resolution plan, as the

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Respondents:** Neutrino Power…; Bank of Bahrain &…

## Timeline

- **2017-01-01 — Filing of…**: CP(IB) NO. 125/10/HDB/2017…
- **2018-01-22 — Moratorium and IRP…**: Moratorium declared, and Mrs. Sandhya Kothlapuram appointed as Interim Resolution…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/neutrino-power-systems-pvt-ltd-ia-542-2018-in-cp-ib-no-125-10-hdb-2017-2c970fe3