# 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-02279. 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-02279
- **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-caa897f3

## 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 application was filed by the Resolution Professional, Mr. G. Ramachandran, seeking liquidation of the Corporate Debtor due to the non-receipt of a compliant resolution plan during the CIRP period. The CIRP was initiated based on an application by India Opportunities III Pte Limited. The IRP was appointed and a public announcement was made inviting claims from creditors. The CoC was formed, and meetings were held to discuss the company's situation, including issues with ONGC regarding gas supply. The CIRP period was extended, but ultimately, no resolution plan was approved,

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Sai Regency Power Corporation Private Limited based on an application filed by India Opportunities III Pte Limited, a financial creditor. Mr. G. Ramachandran was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made to invite claims from creditors. Several Committee of Creditors (CoC) meetings were held to discuss the company's financial situation and potential resolution plans. Issues arose regarding the Gas Supply Agreement (GSA) with Oil and Natural Gas Corporation Limited (ONGC), including its potential termination and the need for an extension of the Letter of Credit (LC). Two prospective Resolution Applicants

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Sai Regency Power Corporation Private Limited, should be …

**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 no

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**Interpretation:** Section 33(1) of the IBC provides a clear directive for liquidation when the

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**Application:** In this case, the Corporate Debtor failed to attract a viable resolution plan

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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 India Opportunities III Pte…
- **2019-03-30 — Public Annou…**: IRP made a public announcement inviting claims…

## Legal provisions

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

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