# In the matter of Powercon Projects & Association Limited IA No.90-CTB-2019 in TP No. 116-CTB-2019 {earlier CP (IB) No. 389-KB-2018}

> NCLT judgment dated 2021-12-22. Citation: TCN-2021-NCLT-00067. The case involves an appeal against the order dated 25.06.2019 passed by the Liquidator…

- **Court:** NCLT
- **Order date:** 22 Dec 2021
- **Citation:** TCN-2021-NCLT-00067
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/powercon-projects-association-limited-ia-no90-ctb-2019-in-tp-no-116-ctb-2019-ear-51c18525

## Summary

### Background

The case involves an appeal against the order dated 25.06.2019 passed by the Liquidator accepting the claim of Concept Management Consulting Limited. The appellant, State Bank of India (SBI), a secured financial creditor, filed an application against the liquidator's decision. The corporate insolvency resolution process (CIRP) was initiated against Powercon Projects & Associates Limited based on an application by C.G. Power and Industrial Solutions Limited (Operational Creditor). The IRP was appointed, and SBI filed its claim, which was accepted. Concept Management Consulting Limited also filed a claim, which was allegedly rejected initially but later accepted by the Liquidator. SBI challenged the acceptance of Concept Management Consulting Limited's claim, arguing

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## Facts

C.G. Power and Industrial Solutions Limited initiated CIRP against Powercon Projects & Associates Limited. NCLT Kolkata admitted the application on 2018-07-10 and appointed an IRP. SBI, a secured financial creditor, filed its claim with the IRP, which was accepted. Concept Management Consulting Limited also filed a claim. The CoC resolved that the resolution process could not continue due to a winding-up petition by SBI in the High Court of Orissa. The RP sought liquidation. The NCLT Kolkata ordered liquidation on 2019-01-08, appointing Kailash Kumar Rathi as liquidator. Rathi resigned, and Chaitanya Kumar Ray was appointed liquidator on 2019-01-23. Ray made a public announcement for claims. SBI filed its claim on 2019-03-18. The liquidator forwarded a list of

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## Issues and analysis

### Issue 1: Whether the appeal filed by State Bank of India is maintainable under Section 42 of the IBC, 2016, …

**Ratio:** Section 42 of the IBC, 2016, outlines the scope of appeals against the decision of the

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**Reasoning:** The court did not explicitly rule on the maintainability of the appeal under Section 42

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**Interpretation:** The interpretation of Section 42 is crucial in determining the scope of

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**Application:** The court's decision to address the merits of the appeal despite the question

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## Parties

- **Judges:** Rajasekha…; Satya Ranjan…
- **Appellants:** State Bank of…
- **Respondents:** Powercon Projects…; Chaitanya Kumar…

## Timeline

- **2018-07-10 — CIRP Init…**: NCLT Kolkata admits application by C.G. Power and Industrial Solutions Limited against…
- **2019-01-08 — Liquidation…**: NCLT Kolkata orders liquidation of Powercon Projects & Associates Limited and appoints…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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