# In the matter of Suryachakra Power Corporation Limited IA No.462 OF 2021 in CP (IB) No.421-7-HDB/2018

> NCLT judgment dated 1 Sept 2022. Citation: TCN-2022-NCLT-01200. The application was filed under Section 33(4) of the I&B Code, 2016, by the Resolution…

- **Court:** NCLT
- **Order date:** 1 Sept 2022
- **Citation:** TCN-2022-NCLT-01200
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ts-party-anup-kumar-singh-vs-ts-party-m-s-vamana-bhagya-private-limited-034fafe4

## Summary

### Background

The application was filed under Section 33(4) of the I&B Code, 2016, by the Resolution Professional and Chairman of the Monitoring Committee, seeking an order for the liquidation of the corporate debtor's assets and to hold the respondent liable for losses due to the failure of the resolution plan.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Suryachakra Power Corporation Ltd. following an order dated October 3, 2018, passed in CP (IB) No. 421/7/HDB/2018 under section 7(5) of the I&B Code, 2016. Shri Anup Kumar Singh was initially appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP) by the Committee of Creditors (CoC) on November 2, 2018.

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## Issues and analysis

### Issue 1: Whether an order to liquidate the assets of the…

**Ratio:** The Adjudicating Authority, in exercise of the powers conferred under Sub-Clauses (i),…

**Reasoning:** The Adjudicating Authority noted that the Successful Resolution Applicant (SRA) had…

**Interpretation:** Section 33(4) of the I&B Code, 2016, allows the Adjudicating Authority to pass…

**Application:** Given the SRA's contravention of the approved resolution plan and the…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Anup Kumar…; M/s Suryachakra…
- **Respondents:** M/s Vamana Bhagya…
- **Other parties:** M/s Suryachakra…; State Bank of…; +2 more
- **Advocates:** Mr.V.V.S.…

## Timeline

- **October 3, 2018 — CIRP Admi…**: The Tribunal admitted the petition in CP (IB) No.421/7/HDB/2018, triggering the Corporate…
- **November 2, 2018 — RP Appoin…**: Shri Anup Kumar Singh, initially appointed as Interim Resolution Professional (IRP), was…

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