# Approval of Resolution Plan - Helios Photo Voltaic Limited

> NCLT judgment dated 2025-01-22. Citation: TCN-2025-NCLT-00593. The case involves a resolution plan for Helios Photo Voltaic Ltd. under the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 Jan 2025
- **Citation:** TCN-2025-NCLT-00593
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-helios-photo-voltaic-limited-27e2047b

## Summary

### Background

The case involves a resolution plan for Helios Photo Voltaic Ltd. under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the Code by a financial creditor, National Asset Reconstruction Company Ltd. (NARCL). The CIRP was admitted on 2024-01-11, and ASC Insolvency Services LLP was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were held to evaluate resolution plans. OCL Iron & Steel Limited's resolution plan was ultimately approved by the CoC with 73.38% voting share. Gateway Investment Management Services Ltd (GIMS), another resolution

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## Facts

1. National Asset Reconstruction Company Ltd. (NARCL) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Helios Photo Voltaic Ltd.
2. The application was admitted on 2024-01-11, marking the Insolvency Commencement Date.
3. ASC Insolvency Services LLP was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
4. A public announcement was made on 2024-01-14, with a last date for submission of claims specified as 2024-01-26.
5. The Committee of Creditors (CoC) was formed, comprising financial creditors including NARCL Trust, Alchemist Asset Reconstruction Company, and International Finance Corporation.
6. The CoC held

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) acted correctly in not presenting Gateway Investment …

**Ratio:** The RP is bound by the terms of the process document, which stipulates that financial

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**Reasoning:** The RP's decision was based on the fact that the voting process had already commenced,

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**Interpretation:** The clause in the challenge process document is interpreted to mean that once

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**Application:** The RP's action was justified because GIMS's clarification was submitted after

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## Parties

- **Judges:** (RETD.) RAMALINGAM…; AVINASH K.…
- **Appellants:** Gateway Investment…
- **Respondents:** Helios Photo…

## Timeline

- **2023-01-01 — Company Petiti…**: Company Petition No.…
- **2024-01-11 — CIRP Commencem…**: Adjudicating Authority admitted the…

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