# In the matter of Veesons Energy Systems Private Limited CP-510-(IB)-2017

> NCLT judgment dated 2018-03-19. Citation: TCN-2018-NCLT-01686. The case involves CA/61/2017 filed in CP/510/(IB)/2017 under Section 33 (1) (a) of the…

- **Court:** NCLT
- **Order date:** 19 Mar 2018
- **Citation:** TCN-2018-NCLT-01686
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/veesons-energy-systems-private-limited-cp-510-ib-2017-6adebb86

## Summary

### Background

The case involves CA/61/2017 filed in CP/510/(IB)/2017 under Section 33 (1) (a) of the Insolvency and Bankruptcy Code, 2016, concerning the liquidation of M/s. Veesons Energy Systems Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2017-06-19. The maximum period for CIRP completion expired on 2018-03-12. CP/510/IB/CB/2017 was filed by the Corporate Debtor under Section 10 of the I&B Code, 2016, and admitted by the Authority on 2017-06-19. A moratorium was declared, and Mr. S. Srinivasan was appointed as Interim Resolution Professional (IRP). The Committee of Creditors (CoCs) was constituted, and in its first meeting on 2017-07-19, Mr. Raghavendaran was appointed as RP. The RP filed CA No.61/2017 on 2017-12-18 under Section 33 (1)

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Veesons Energy Systems Private Limited on 2017-06-19. The maximum period permitted for CIRP completion expired on 2018-03-12. CP/510/IB/CB/2017 was filed by the Corporate Debtor under Section 10 of the I&B Code, 2016. Mr. S. Srinivasan was appointed as Interim Resolution Professional (IRP). The Committee of Creditors (CoCs) was constituted, and Mr. Raghavendaran was appointed as RP. No resolution plan was proposed. The RP filed CA No.61/2017 on 2017-12-18 under Section 33 (1) (a) of the I&B Code, 2016, for passing a Liquidation Order. The RP failed to file the minutes of the 5th CoC meeting initially. The Authority reopened the case and directed the RP to file an additional Affidavit.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Veesons Energy Systems Private Limited, should be liquidated …

**Ratio:** Section 33(1)(a) of the I&B Code, 2016, allows for the liquidation of a corporate

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**Reasoning:** The court noted that no resolution plan had been received by the Authority within the

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**Interpretation:** Section 33(1)(a) is interpreted to mean that if the CIRP fails to produce a

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**Application:** Since no resolution plan was received for M/s. Veesons Energy Systems Private

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** Veesons Energy…

## Timeline

- **2017-06-19 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Veesons Energy…
- **2017-06-19 — Admission of Ap…**: CP/510/IB/CB/2017 filed by the Corporate Debtor under Section 10 of the I&B Code, 2016,…

## 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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