# In the matter of Bhadragiri Power Private Limited

> NCLT judgment dated 2024-08-23. Citation: TCN-2024-NCLT-00758. The case pertains to an application filed under Section 33 read with Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 23 Aug 2024
- **Citation:** TCN-2024-NCLT-00758
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhadragiri-power-private-limited-c6e4d1e3

## Summary

### Background

The case pertains to an application filed under Section 33 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016, seeking an order for the liquidation of the Corporate Debtor, Bhadragiri Power Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Bhadragiri Power Private Limited based on an application filed by Indian Renewable Energy Development Agency Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 02.12.2022. Shri Vishal Ghisulal Jain was appointed as the Interim Resolution Professional (IRP).

## Facts

Indian Renewable Energy Development Agency Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bhadragiri Power Private Limited. The application was admitted on 02.12.2022, and Shri Vishal Ghisulal Jain was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement on 21.12.2022 and constituted the Committee of Creditors (CoC), which consisted solely of Indian Renewable Energy Development Agency Limited. The first meeting of the CoC was held on 18.01.2023. The Applicant appointed two registered valuers to determine the fair and liquidation value of the Corporate Debtor. In its second meeting held on 06.02.2023, the CoC unanimously

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, are …

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

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**Reasoning:** The Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CoC,

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**Application:** In this case, the CoC, consisting of Indian Renewable Energy Development Agency

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Respondents:** Bhadragiri Power…

## Timeline

- **2022-12-02 — CIRP Init…**: Application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Indian…
- **2022-12-21 — Public Annou…**: The IRP issued a Public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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