# In the matter of Aethon Energy LLP IA No. 377 of 2021 in C.P. (IB) No. 192-BB-2020

> NCLT judgment dated 2022-06-08. Citation: TCN-2022-NCLT-02329. The case pertains to IA No.377 of 2021 in C.P.(IB) No.192/BB/2020 filed under Section 9 of the…

- **Court:** NCLT
- **Order date:** 8 Jun 2022
- **Citation:** TCN-2022-NCLT-02329
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aethon-energy-llp-ia-no-377-of-2021-in-cp-ib-no-192-bb-2020-4d73c884

## Summary

### Background

The case pertains to IA No.377 of 2021 in C.P.(IB) No.192/BB/2020 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/s Gangamma Industries against M/s Acthon Energy LLP. The application sought initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Acthon Energy LLP, which was admitted on 09.11.2020. Mr. Vasudevan Navaneeth was appointed as Interim Resolution Professional (IRP). The CoC approved the resolution seeking liquidation of the Corporate Debtor.

## Facts

M/s Gangamma Industries filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Acthon Energy LLP. The application was admitted on 09.11.2020. Mr. Vasudevan Navaneeth was appointed as the Interim Resolution Professional (IRP). Public announcement was issued on 28.11.2020, calling upon the creditors of the Respondent to submit proof of their claims on or before 11.12.2020. The first CoC meeting was held on 22.12.2020, where the applicant was appointed as the Resolution Professional and the CoC appointed two sets of registered valuers for valuation of the Stock & Fixed Assets and the Financial Assets. The second CoC meeting was held on 10.02.2021, approving publication of

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be approved under Section 33 …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, provides for the initiation of

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**Reasoning:** The CoC approved the resolution seeking liquidation of the Corporate Debtor. The

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**Interpretation:** Section 33(1) outlines the conditions under which liquidation can be initiated,

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**Application:** Since the CoC approved the resolution for liquidation and no resolution plan

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## Parties

- **Judges:** Shri. Ajay Kumar…; Shri. Manoj Kumar…
- **Appellants:** M/s. Gangamma…
- **Respondents:** M/S Acthon Energy…

## Timeline

- **2020-11-09 — CIRP Admi…**: Application for CIRP admitted…
- **2020-11-28 — Public Annou…**: Public announcement issued…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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