# In the matter of Ajit Solar Private Limited

> NCLT judgment dated 2024-09-11. Citation: TCN-2024-NCLT-00618. The application IA (IBC) No. 587/JPR/2022 was filed for seeking approval for the liquidation of…

- **Court:** NCLT
- **Order date:** 11 Sept 2024
- **Citation:** TCN-2024-NCLT-00618
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ajit-solar-private-limited-ff77b4db

## Summary

### Background

The application IA (IBC) No. 587/JPR/2022 was filed for seeking approval for the liquidation of the Corporate Debtor, M/s Ajit Solar Pvt. Ltd., under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had admitted an application filed by M/s JFC Finance (India) Pvt. Ltd. under Section 7 of the Code for initiating CIRP against M/s Ajit Solar Pvt. Ltd. Mr. Sandeep Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The RP invited Expressions of Interest (EOI) from Prospective Resolution Applicants (PRA), but the eligible PRAs failed to submit a Resolution Plan. The Financial Creditor resolved to initiate liquidation proceedings. The erstwhile RP expressed his inability

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Ajit Solar Private Limited based on an application filed by JFC Finance (India) Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Sandeep Kumar Gupta was initially 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 (PRAs), receiving four EOIs initially and later seven EOIs after a second attempt. However, no eligible PRA submitted a resolution plan within the extended timeline. The Committee of Creditors (CoC) resolved to initiate liquidation proceedings. Devendra Singh was appointed as the RP. The RP conducted several CoC

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33 of the Insolvency and Bankruptcy Code, 2016, are satisfied …

**Ratio:** Section 33 of the IBC allows the Adjudicating Authority to pass an order for liquidation

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received within the extended

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**Interpretation:** Section 33 provides the legal basis for initiating liquidation when the CIRP

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**Application:** Since no resolution plan was received and the CoC had resolved to liquidate the

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Respondents:** Ajit Solar…
- **Advocates:** Palash S. S…; Krishnaveer…; +1 more

## 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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