# In the matter of Athena Energy Ventures Pvt. Ltd. IA No. 713-2021 in CP(IB)No. 466-7-HDB-2019

> NCLT judgment dated 2022-07-21. Citation: TCN-2022-NCLT-01616. The case involves an application (IA 713/2021) filed in an ongoing Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 21 Jul 2022
- **Citation:** TCN-2022-NCLT-01616
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/athena-energy-ventures-pvt-ltd-ia-no-713-2021-in-cpibno-466-7-hdb-2019-92e06ef6

## Summary

### Background

The case involves an application (IA 713/2021) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against Athena Energy Ventures Pvt Ltd. The CIRP was initiated by State Bank of India (SBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Initially, SBI's application was dismissed by the Adjudicating Authority, but the National Company Law Appellate Tribunal (NCLAT) overturned this decision and admitted the corporate debtor into CIRP. Mr. C. Bala Mouli was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Kumar Rajan was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) resolved for early liquidation of the Corporate Debtor with a majority of 86.80% voting in favor, and approved the

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## Facts

State Bank of India (SBI), a financial creditor, filed a company petition (CP(IB)No.466/7/HDB/2019) against Athena Energy Venture Private Limited (Corporate Debtor) under Section 7 of the IBC. The Adjudicating Authority initially dismissed SBI's application on 04.03.2020. SBI appealed to the NCLAT, which allowed the appeal on 24.11.2020 and admitted the Corporate Debtor into CIRP. Mr. C. Bala Mouli was appointed as the IRP. Mr. Bala Mouli filed IA(IBC) No.210/2021 on 26.04.2021 seeking clarification on his assignment. Mr. Kumar Rajan was appointed as Liquidator of the principal borrowers-APCL. The CoC resolved for early liquidation of the Corporate Debtor with 86.80% majority and approved Mr. Kumar Rajan as Liquidator with 85.20% voting share. The RP then filed IA No.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

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

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**Reasoning:** The Adjudicating Authority noted that no resolution plan had been received under Section

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when CIRP

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**Application:** Since no resolution plan was received and the CoC had resolved for liquidation,

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## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Appellants:** State Bank of…
- **Respondents:** Athena Energy…

## Timeline

- **2019-01-01 — Filing of Company…**: State Bank of India filed CP(IB)No.466/7/HDB/2019 against Athena Energy Venture Private…
- **2020-03-04 — Dismissal of Ap…**: The Adjudicating Authority…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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