# In the matter of Sai Wardha Power Generation Limited I.A. 703-2019 in C.P (IB) No. 275-7-HDB-2018

> NCLT judgment dated 2019-10-17. Citation: TCN-2019-NCLT-00946. The case involves an application filed under Section 30(6) and 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 17 Oct 2019
- **Citation:** TCN-2019-NCLT-00946
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sai-wardha-power-generation-limited-ia-703-2019-in-cp-ib-no-275-7-hdb-2018-8e8092e1

## Summary

### Background

The case involves an application filed under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulations 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of NCLT Rules, 2016, by the Resolution Professional seeking directions to approve the resolution plan for Sai Wardha Power Generation Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition filed by India Opportunities III Pte Limited and another. The Resolution Professional was appointed and a public announcement was made inviting claims from stakeholders. The Committee of Creditors (CoC) was constituted, and various meetings were held to discuss and

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sai Wardha Power Generation Ltd. after India Opportunities III Pte Limited and another filed a petition. Mr. V. Venkatachalam was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. A public announcement was made to invite claims from stakeholders. The Committee of Creditors (CoC) was constituted, comprising various financial creditors including IDBI Bank Limited, Standard Chartered Bank, Oriental Bank of Commerce, Axis Bank Limited, Indian Overseas Bank, State Bank of India, Punjab National Bank, Edelweiss Asset Reconstruction Company Limited (EARC), Central Bank of India, UCO Bank, India Opportunities, Bank of India, and Assets Care and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Consortium of Sri City Private Limited and KCR Enterprise …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The Adjudicating Authority considered the resolution plan and found that it complied with

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**Interpretation:** Section 30(2) of the IBC is interpreted to ensure that the resolution plan

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**Application:** In this case, the Adjudicating Authority applied the provisions of Section

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## Parties

- **Judges:** Ratakonda…; Narender Kumar…; +1 more
- **Appellants:** India Oppurtunitie…
- **Respondents:** SAI WARDHA POWER…; SAI WARDHA POWER…

## Timeline

- **2018-11-09 — Admission…**: Tribunal admitted the petition bearing C.P. (IB) NO. 275/7/HDB/2018 filed by India…
- **2018-11-12 — Public Annou…**: Applicant issued a public announcement in terms of Regulation 6 (1) of the Insolvency and…

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