# In the matter of Sai Regency Power Corporation Services Private Limited IA-113(CHE)-2021 n IBA-92-2019

> NCLT judgment dated 2021-04-27. Citation: TCN-2021-NCLT-02288. The case involves IA/113(CHE)/2021 filed in IBA/92/2019 under Section 33 & 34(1) of the…

- **Court:** NCLT
- **Order date:** 27 Apr 2021
- **Citation:** TCN-2021-NCLT-02288
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sai-regency-power-corporation-services-private-limited-ia-113che-2021-n-iba-92-2-7c93798e

## Summary

### Background

The case involves IA/113(CHE)/2021 filed in IBA/92/2019 under Section 33 & 34(1) of the Insolvency and Bankruptcy Code, 2016, concerning M/s. Sai Regency Power Corporation Private Limited. The Resolution Professional, Mr. G. Ramachandran, filed the application for liquidation. The CIRP was initiated following an application by India Opportunities III Pte Limited. During the CIRP, the IRP made a public announcement, convened CoC meetings, appointed registered valuers, and invited expressions of interest. The CIRP period was extended, but no resolution plan was approved. The applicant requested the CoC to vote on the Resolution Plan in order to avoid the possibility of the Corporate Debtor going into liquidation.

## Facts

M/s. Sai Regency Power Corporation Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application by India Opportunities III Pte Limited. Mr. G. Ramachandran was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). During the CIRP, the IRP made a public announcement inviting claims from creditors. The first CoC meeting addressed issues related to the Gas Supply Agreement (GSA) with ONGC. Two registered valuers were appointed to determine the fair value and liquidation value of the Corporate Debtor. The applicant published Form G, inviting expressions of interest. The CIRP period was extended from 270 to 330 days. The fair value was arrived at Rs.108.52Crore and the Liquidation Value is

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the non-receipt of a compliant resolution …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, mandates liquidation if no

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**Reasoning:** The Adjudicating Authority considered that the CIRP period had exceeded 330 days and that

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**Interpretation:** Section 33(1) requires the Adjudicating Authority to order liquidation if no

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**Application:** Given that no resolution plan was approved within the extended CIRP period and

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** G. Ramach…
- **Respondents:** M/s. Sai Regency…

## Timeline

- **2019-03-27 — CIRP Init…**: Adjudicating Authority admitted the application filed by the Financial Creditor i.e.,…
- **2019-03-30 — Public Annou…**: The IRP made a Public Announcement inviting claims from the Creditors of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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