# In the matter of Suryachakra Power Corporation Limited I.A. No. 608-2019 in CP (IB) No. 421-7-HDB-2018

> NCLT judgment dated 2019-11-06. Citation: TCN-2019-NCLT-00704. The case involves an Interlocutory Application (IA No. 608/2019) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 6 Nov 2019
- **Citation:** TCN-2019-NCLT-00704
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/suryachakra-power-corporation-limited-ia-no-608-2019-in-cp-ib-no-421-7-hdb-2018-2d6bd0f4

## Summary

### Background

The case involves an Interlocutory Application (IA No. 608/2019) filed by the Resolution Professional of Suryachakra Power Corporation Limited, seeking directions to approve the Resolution Plan under Section 31(1) of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Suryachakra Power Corporation Limited based on a petition filed by State Bank of India under Section 7 of the IBC, 2016. Anup Kumar Singh was appointed as the Interim Resolution Professional. The Committee of Creditors (CoC) was formed, and multiple extensions were sought for the submission of the Resolution Plan. Several prospective resolution applicants expressed interest, but ultimately, the plan submitted by M/s. Vamana Bhagya Private

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## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Suryachakra Power Corporation Limited under Section 7 of the IBC, 2016. Anup Kumar Singh was appointed as the Interim Resolution Professional. Public announcements were made, inviting claims from creditors. The Committee of Creditors (CoC) was formed, and multiple extensions were granted for the submission of the Resolution Plan. M/s. Vamana Bhagya Private Limited submitted a Resolution Plan, which was approved by the CoC with 99.79% voting share. The Resolution Plan included provisions for various stakeholders, including financial creditors, operational creditors, workmen, and employees. The Resolution Applicant sought certain exemptions and reliefs, including the extension of the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Vamana Bhagya Private Limited complies with the …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016, mandates that the Adjudicating

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**Reasoning:** The Tribunal considered the compliance certificate filed by the Resolution Professional,

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**Interpretation:** The legal issue revolves around the interpretation of Section 31(1) of the IBC,

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**Application:** The ratio and reasoning were applied to the specific facts of the case by

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## Parties

- **Judges:** Ratakonda…; Narender Kumar…; +1 more
- **Appellants:** State Bank of…
- **Respondents:** Suryachakra Power…
- **Advocates:** Mr.V.V.S.…

## Timeline

- **2018-10-03 — Petition Ad…**: Tribunal admitted the Petition filed under Section 7 of IBC, 2016 by Financial Creditor /…
- **2018-10-06 — Public Annou…**: Public announcement was made in Form "A" inviting claims from the creditors of…

## 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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