# In the matter of  Shree Ganesh EPC Private Limited

> NCLT judgment dated 18 Apr 2024. Citation: TCN-2024-NCLT-01687. The case concerns a Company Application filed by the Liquidator of Shree Ganesh EPC Private…

- **Court:** NCLT
- **Order date:** 18 Apr 2024
- **Citation:** TCN-2024-NCLT-01687
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-ganesh-epc-private-limited-c313633c

## Summary

### Background

The case concerns a Company Application filed by the Liquidator of Shree Ganesh EPC Private Limited (the Corporate Debtor) under sections 230 to 232 of the Companies Act, 2013, read with provisions of the Insolvency and Bankruptcy Code, 2016, the IBBI (Liquidation Process) Regulations, 2016, and the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, along with Rule 11 of NCLT Rules, 2016. The application seeks approval for a Scheme of Arrangement proposed by Mr. N. Azhagappan, Rajalakshmi Wind Energy Limited (RWEL), Mr. S. Ramanathan, and Mr. M. Karunanithi, who are referred to as the 'Scheme Proponents'. The Corporate Insolvency Resolution Process (CIRP) for the Corporate Debtor was initiated on September 6, 2019, and subsequently, liquidation was ordered on January 17, 2022. The Liquidator was appointed in IA/1335/2020.

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for Shree Ganesh EPC Private Limited, the Corporate Debtor, was initiated on September 6, 2019. Subsequently, a liquidation order was passed on January 17, 2022, in IA/1335/2020, and Mr. S. Rajendran was appointed as the Liquidator. The Liquidator then filed a Company Application, CA/(CAA)/59CHE)/2022, under sections 230 to 232 of the Companies Act, 2013, seeking approval for a Scheme of Arrangement.

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## Issues and analysis

### Issue 1: Whether the Company Application for a Scheme of Arrangement, filed beyond the prescribed timeline…

**Ratio:** The timeline prescribed under Regulation 2B of IBBI (Liquidation Process) Regulation,…

**Reasoning:** The NCLT acknowledged that the application was filed beyond the timeline stipulated in…

**Interpretation:** The court interpreted Regulation 2B of IBBI (Liquidation Process) Regulation,…

**Application:** Despite the fact that the first application was filed on April 17, 2022, which…

## Parties

- **Judges:** JYOTI KUMAR…; MEMBER (JUD…; +2 more
- **Advocates:** For Appli…; Deenadhay…; +3 more

## Timeline

- **September 6, 2019 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor was…
- **January 17, 2022 — Liquidation…**: Liquidation was ordered in IA/1335/2020, and the Applicant was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 230(5) — Delegation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-230)

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