# In the matter of Athena Energy Ventures Pvt. Ltd.

> NCLT judgment dated 2023-12-20. Citation: TCN-2023-NCLT-00112. The case pertains to IA No. 1721 of 2023 in CP(IB) No.466/7/HDB/2019, filed under Section 54…

- **Court:** NCLT
- **Order date:** 20 Dec 2023
- **Citation:** TCN-2023-NCLT-00112
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/athena-energy-ventures-pvt-ltd-98caee5e

## Summary

### Background

The case pertains to IA No. 1721 of 2023 in CP(IB) No.466/7/HDB/2019, filed under Section 54 r/w Regulation 45(3)(a) of IBBI (Liquidation Process) Regulations, 2016, seeking closure of the liquidation process for Athena Energy Ventures Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initially dismissed by the Adjudicating Authority, but later admitted by the NCLAT. Mr. C. Bala Mouli was appointed as Interim Resolution Professional (IRP). Subsequently, Mr. Kumar Rajan was appointed as Liquidator. The Committee of Creditors (COC) resolved to liquidate the Corporate Debtor. The Liquidator sought an extension of the liquidation period and closure of the liquidation process.

## Facts

The State Bank of India initiated a Corporate Insolvency Resolution Process (CIRP) against Athena Energy Ventures Private Limited. The CIRP was initially dismissed but later admitted by the NCLAT. Mr. C. Bala Mouli was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Kumar Rajan as Liquidator. The Committee of Creditors (COC) resolved to liquidate the Corporate Debtor. The Liquidator made a public announcement and received claims from stakeholders. The Liquidator formed a Stakeholders Consultation Committee (SCC). The Corporate Debtor's assets were valued at Rs.0 by both registered valuers. M/s.BOMS Private Limited submitted an Expression of Interest (EOI) and was the sole bidder. The SCC approved the final offer of M/s.BOMS Private

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## Issues and analysis

### Issue 1: Whether the extension of the …

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

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**Reasoning:** The Adjudicating Authority considered the fact that the sale of the Corporate Debtor as a

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**Interpretation:** Regulation 45(3) provides a mechanism for the closure of the liquidation

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**Application:** The Adjudicating Authority applied Regulation 45(3) to the facts of the case,

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** State Bank of…
- **Respondents:** Athena Energy…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition CP (IB)…
- **2020-11-24 — CIRP Admi…**: CIRP admitted…

## 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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