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

> NCLT judgment dated 2023-12-20. Citation: TCN-2023-NCLT-00118. 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-00118
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/athena-energy-ventures-pvt-ltd-b83cb1c7

## 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 the Corporate Debtor, Athena Energy Ventures Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Athena Energy Ventures Private Limited, but it was initially dismissed. Subsequently, an appeal was filed and CIRP was admitted. Mr. C. Bala Mouli was appointed as Interim Resolution Professional (IRP). Later, 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. Initially, the CIRP was dismissed by the Adjudicating Authority, but it was later admitted on appeal to the NCLAT. Mr. C. Bala Mouli was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Kumar Rajan was appointed as the Liquidator. The Committee of Creditors (COC) resolved to liquidate the Corporate Debtor with 86.80% voting share. The Liquidator made a public announcement and received claims from stakeholders, which were verified. A Stakeholders Consultation Committee (SCC) was formed. The Liquidator presented valuation reports to the SCC, which indicated that the liquidation value of the Corporate Debtor was Rs.0.

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## Issues and analysis

### Issue 1: Whether the application for closure of the liquidation process of the Corporate Debtor, Athena …

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

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**Reasoning:** The Adjudicating Authority noted that the assets of the Corporate Debtor were sold as a

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

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**Application:** In this case, the Corporate Debtor was sold as a going concern to M/s.BOMS

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** Athena Energy…

## Timeline

- **2019-01-01 — CP(IB) No.466/7…**: Filing of the Company…
- **2020-11-24 — CIRP Admi…**: CIRP was admitted by the…

## 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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