# In the matter of Solaratria Clean Tech Pvt. Ltd. I.A. No. 227 of 2021 in C.P. (IB) No. 144-BB-2018

> NCLT judgment dated 2021-12-09. Citation: TCN-2021-NCLT-00218. The case pertains to I.A No. 227 of 2021 in C.P (IB) No. 144/BB/2018, filed under Section 33(2)…

- **Court:** NCLT
- **Order date:** 9 Dec 2021
- **Citation:** TCN-2021-NCLT-00218
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/solaratria-clean-tech-pvt-ltd-ia-no-227-of-2021-in-cp-ib-no-144-bb-2018-753d996a

## Summary

### Background

The case pertains to I.A No. 227 of 2021 in C.P (IB) No. 144/BB/2018, filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The application was filed by Shri. Venkataraman Jayagopal, the Resolution Professional of M/s. Solar Atria Clean Tech Private Limited (Corporate Debtor), seeking an order for liquidation of the Corporate Debtor. The CIRP was initiated based on an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/s. Aalborg CSP A/S against M/s. Solar Atria Clean Tech Private Limited, which was admitted on 17th February 2020. The Resolution Professional was appointed as per Section 22(2) of the I&B Code after the initial Interim Resolution Professional (IRP), Ms. Sumana Rao, was appointed.

## Facts

M/s. Aalborg CSP A/s initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Solar Atria Clean Tech Private Limited by filing CP (IB) No. 144/BB/2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 17th February 2020, and Ms. Sumana Rao was appointed as the Interim Resolution Professional (IRP). Subsequently, Shri Venkataraman Jayagopal was appointed as the Resolution Professional. The Corporate Debtor invited Expression of Interest (EOI) but received no resolution plans. The COC appointed Mr. Shyam S as a Transaction Auditor and later decided to conduct a Forensic Audit due to suspicious transactions. The CIRP period was extended due to the lockdown imposed by the Central Government. The COC, in its 11th meeting,

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Solar Atria Clean Tech …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows the Resolution

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**Reasoning:** The COC resolved to liquidate the Corporate Debtor in its 11th meeting, and the

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of the Corporate Debtor

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**Application:** The COC resolved to liquidate the Corporate Debtor, and the Resolution

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** Aalborg C…
- **Respondents:** Solar Atria Clean…

## Timeline

- **2018-01-01 — CP (IB)…**: C.P (IB) No. 144/BB/2018 filed under Section 9 of the Insolvency and Bankruptcy Code,…
- **2020-02-17 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) was admitted against M/s. Solar Atria…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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