# In the matter of Alectrona Energy Private Limited IA(IBC)-230(CHE)-2023 in CP(IB)-196(CHE)-2021

> NCLT judgment dated 2023-03-07. Citation: TCN-2023-NCLT-04298. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Alectrona Energy…

- **Court:** NCLT
- **Order date:** 7 Mar 2023
- **Citation:** TCN-2023-NCLT-04298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alectrona-energy-private-limited-iaibc-230che-2023-in-cpib-196che-2021-1ed87282

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Alectrona Energy Private Limited. The CIRP was initiated by the Adjudicating Authority on 2022-03-01. Mr. Radhakrishnan Dharmarajan was appointed as the Interim Resolution Professional and later as the Resolution Professional. The applicant effected paper publication in Form-A and constituted the Committee of Creditors (CoC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Alectrona Energy Private Limited on 2022-03-01. Mr. Radhakrishnan Dharmarajan was appointed as the Interim Resolution Professional and later as the Resolution Professional. The Committee of Creditors (CoC) was constituted, with KEB Hana Bank, Union Bank of India, and DCB Bank as members holding 40.42%, 34.05%, and 25.53% voting shares, respectively. The CoC resolved to appoint the Applicant as the Resolution Professional on 2022-04-06. The Applicant received Expressions of Interest from 3 Prospective Resolution Applicants. A resolution plan was received from the Promoter of the Corporate Debtor on 2022-08-21 but was not considered by the CoC. The CIRP period expired on 2022-08-27 and was extended

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Alectrona Energy Private Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The CoC, in its 8th meeting, resolved to liquidate the Corporate Debtor with 74.47%

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when resolution efforts

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**Application:** Since no resolution plan was approved, and the CoC voted in favor of

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## Parties

- **Judges:** Sh. Ashok Kumar…; SAMEER…
- **Appellants:** Mr.Radhakrishnan…
- **Respondents:** Alectrona Energy…

## Timeline

- **2022-03-01 — CIRP Init…**: CIRP initiated by the…
- **2022-04-06 — Appointment…**: Applicant appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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