# In the matter of Athena Chattisgarh Power Ltd.

> NCLT judgment dated 2023-08-28. Citation: TCN-2023-NCLT-01897. The case involves the liquidation of Athena Chhattisgarh Power Ltd. The Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 28 Aug 2023
- **Citation:** TCN-2023-NCLT-01897
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/athena-chattisgarh-power-ltd-0951e29f

## Summary

### Background

The case involves the liquidation of Athena Chhattisgarh Power Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by State Bank of India under Section 7 of the IBC, which was admitted on 2019-05-15. An Interim Resolution Professional was appointed, later confirmed as the Resolution Professional (RP). As no viable resolution plan was received, the Tribunal ordered liquidation on 2021-05-13. Mr. Kumar Rajan was appointed as the Liquidator. The liquidator took steps to sell the corporate debtor as a going concern, including public announcements, stakeholder consultations, and valuation exercises. Several attempts were made to sell the company as a going concern, including seeking exclusions of time periods due to lockdown and

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## Facts

State Bank of India filed a petition under Section 7 of the IBC, which was admitted on 2019-05-15, initiating CIRP for Athena Chhattisgarh Power Ltd. An Interim Resolution Professional was appointed and later confirmed as RP. Due to the absence of a viable resolution plan, the Tribunal ordered liquidation on 2021-05-13, appointing Mr. Kumar Rajan as Liquidator. The Liquidator made a public announcement on 2021-06-12, inviting claims and constituting a Stakeholders Consultation Committee (SCC). The Liquidator appointed GAA Advisory LLP and RNC Valuecon LLP as registered valuers. The final Valuation Report was submitted on 2021-10-21. The Applicant convened 12 SCC meetings to discuss the affairs of the CD and resolved to sell the CD as a going concern. The Applicant

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, Athena Chhattisgarh Power Limited, should …

**Ratio:** Regulation 45(3)(a) of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The Tribunal observed that the Liquidator had successfully sold the Corporate Debtor as a

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**Interpretation:** Regulation 45(3)(a) provides a specific pathway for closing liquidation

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**Application:** Since Athena Chhattisgarh Power Limited was sold as a going concern, and the

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** Athena Chhattisgar…

## Timeline

- **2019-05-15 — Admission of Company…**: Company Petition filed by State Bank of…
- **2021-05-13 — Liquidation…**: Tribunal ordered liquidation…

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