# In the matter of Ajit Solar Private Limited

> NCLT judgment dated 2024-09-11. Citation: TCN-2024-NCLT-00626. The application IA (IBC) No. 587/JPR/2022 was filed for the liquidation of Ajit Solar Private…

- **Court:** NCLT
- **Order date:** 11 Sept 2024
- **Citation:** TCN-2024-NCLT-00626
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ajit-solar-private-limited-45953252

## Summary

### Background

The application IA (IBC) No. 587/JPR/2022 was filed for the liquidation of Ajit Solar Private Limited ('Corporate Debtor') under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application by JFC Finance (India) Pvt. Ltd. ('Financial Creditor') under Section 7 of the Code. Mr. Sandeep Kumar Gupta was appointed as Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The RP invited Expressions of Interest (EOI) from Prospective Resolution Applicants (PRA), but no eligible PRA submitted a resolution plan. The Financial Creditor resolved to initiate liquidation proceedings. Devendra Singh was appointed as the RP and approved by the Adjudicating

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## Facts

JFC Finance (India) Limited initiated Corporate Insolvency Resolution Process (CIRP) against Ajit Solar Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Sandeep Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP invited Expressions of Interest (EOI) from Prospective Resolution Applicants (PRA), receiving four EOIs initially and later seven EOIs. However, no eligible PRA submitted a viable resolution plan within the CIRP period. The Committee of Creditors (CoC), with JFC Finance (India) Limited as the sole member, resolved to initiate liquidation proceedings. Devendra Singh was appointed as the new RP. The Financial Creditor initially filed IA No. 57 of

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Ajit Solar Private Limited, is …

**Ratio:** Section 33 of the IBC, 2016, allows the Adjudicating Authority to order the liquidation

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**Reasoning:** The Adjudicating Authority noted that the CIRP period had expired, and no eligible PRA

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**Interpretation:** Section 33 provides a clear framework for initiating liquidation proceedings

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**Application:** In this case, the CIRP period had expired, no resolution plan was received, and

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Respondents:** Ajit Solar…

## Timeline

- **2019-04-26 — Admission of Application…**: The Adjudicating Authority admitted the application filed by M/s JFC Finance (India) Pvt.…
- **2020-01-14 — 10th CoC M…**: The Financial Creditor resolved to initiate the liquidation proceedings of the Corporate…

## 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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