# In the matter of Titan Energy Systems Limited IA No. 587-2019 in CP(IB)No. 130-7-HDB-2018

> NCLT judgment dated 2019-08-08. Citation: TCN-2019-NCLT-02028. The case involves an application (IA No. 587/2019) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 8 Aug 2019
- **Citation:** TCN-2019-NCLT-02028
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/titan-energy-systems-limited-ia-no-587-2019-in-cpibno-130-7-hdb-2018-d749e150

## Summary

### Background

The case involves an application (IA No. 587/2019) filed by the Resolution Professional (RP) under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking an order for the liquidation of the Corporate Debtor, Titan Energy Systems Limited, and the appointment of the RP as the liquidator. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 09.01.2018. The Interim Resolution Professional (IRP) made a public announcement on 15th February, 2019, inviting creditors to submit their claims. The IRP constituted the Committee of Creditors (CoC) and conducted its first meeting on 12.03.2019. The RP was appointed in the 2nd CoC meeting held on 22nd March, 2019. The RP issued a public announcement for 'Invitation for Expression

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## Facts

Titan Energy Systems Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 09.01.2018. State Bank of India is the financial creditor. The Interim Resolution Professional (IRP) made a public announcement on 15th February, 2019, inviting claims from creditors. The Committee of Creditors (CoC) was constituted, and its first meeting was held on 12.03.2019. The Resolution Professional (RP) was appointed on 22nd March, 2019. Public announcements were made on 5th April 2019, inviting Expression of Interest (EOI) for resolution plans. Five EOIs were received. The CoC declined extensions for CIRP and submission of resolution plans with 80.25% voting rights. No resolution plan was received even after one extension. The CoC authorized the RP to take

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Titan Energy Systems Limited, …

**Ratio:** Section 33 of the I&B Code, 2016, allows the Adjudicating Authority to order

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received under Sub-Section

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**Interpretation:** Section 33 provides a mechanism for liquidation when the CIRP fails to produce

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**Application:** In this case, since no resolution plan was received despite the efforts of the

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## Parties

- **Judges:** K Anatha Padmnabha…; BINOD KUMAR…
- **Respondents:** Titan Energy…; Titan Energy…

## Timeline

- **2018-01-09 — CIRP Commen…**: Applicant Company admitted for…
- **2019-02-15 — Public Annou…**: Interim Resolution Professional made a Public Announcement intimating the commencement of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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