# In the matter of Thrive Solar Energy Private Limited IA No. 351-2019 in CP (IB) No.355-9-HDB-2018

> NCLT judgment dated 2019-05-17. Citation: TCN-2019-NCLT-03268. The case involves an application filed by the Resolution Professional (RP) under Section 33(2)…

- **Court:** NCLT
- **Order date:** 17 May 2019
- **Citation:** TCN-2019-NCLT-03268
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/thrive-solar-energy-private-limited-ia-no-351-2019-in-cp-ib-no355-9-hdb-2018-5bb79704

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency & Bankruptcy Code (IBC) 2016, seeking directions from the National Company Law Tribunal (NCLT) for the liquidation of the corporate debtor, Thrive Solar Energy Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a company petition filed by S.V. Solar Solutions, an operational creditor, under Section 9 of the IBC. The petition was admitted on 31.10.2018. Initially, Mr. Ritesh Mittal was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Chinnam Poorna Chandra Rao. The RP appointed two registered valuers to determine the fair value and liquidation value of the corporate debtor. The Committee

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## Facts

S.V. Solar Solutions, an operational creditor, filed a company petition (CP (IB) No.355/9/HDB/2018) under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016 against Thrive Solar Energy Private Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was admitted by the NCLT on 31.10.2018. Mr. Ritesh Mittal was initially appointed as the Interim Resolution Professional (IRP), but later Mr. Chinnam Poorna Chandra Rao replaced him as the Resolution Professional (RP). The RP appointed two registered valuers to determine the fair value and liquidation value of the corporate debtor's assets. The RP also published Form 'G' inviting expression of interest from prospective resolution applicants. The Committee of

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority has the power to pass a liquidation order under Section 33(2) of …

**Ratio:** Section 33(2) of the IBC stipulates that where the Resolution Professional, at any time

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**Reasoning:** The NCLT reasoned that the CoC, having rejected the resolution plan with a majority

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**Interpretation:** Section 33(2) is interpreted to mean that the Adjudicating Authority's role is

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**Application:** In this case, the CoC rejected the resolution plan submitted by Mr. N.

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Appellants:** S. V. Solar…
- **Respondents:** Thrive Solar…; Thrive Solar…

## Timeline

- **2018-10-31 — Admission of Company…**: The company petition filed by S.V. Solar Solutions under Section 9 of IBC was admitted by…
- **2018-11-04 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement in Form A and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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