# In the matter of Bil Energy Systems Limited

> NCLT judgment dated 2023-12-04. Citation: TCN-2023-NCLT-00471. The case involves two Interlocutory Applications (IAs), IA No. 2825 of 2023 and IA No. 2947 of…

- **Court:** NCLT
- **Order date:** 4 Dec 2023
- **Citation:** TCN-2023-NCLT-00471
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bil-energy-systems-limited-9ff53a21

## Summary

### Background

The case involves two Interlocutory Applications (IAs), IA No. 2825 of 2023 and IA No. 2947 of 2023, filed in CP(IB) 4058(MB)/2019. IA No. 2825 challenges the resolution passed by the Committee of Creditors (CoC) of Bil Energy Systems Limited ('the Corporate Debtor') to initiate a liquidation process. The applicant, Mayank Goyal, a prospective resolution applicant (PRA), seeks to direct the Resolution Professional (RP) to provide the Request For Resolution Plan (RFRP) and Information Memorandum (IM) to enable submission of a resolution plan. IA No. 2947 is filed by the RP seeking an order under Section 33 of the Insolvency and Bankruptcy Code, 2016, for the commencement of the liquidation process and appointment of the RP as liquidator. The Corporate Insolvency

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## Facts

State Bank of India (SBI), a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) for Bil Energy Systems Limited ('the Corporate Debtor') on 09.12.2022. Mr. Anuj Bajpai was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 13.12.2022, with a deadline of 24.12.2022 for creditors to submit claims. SBI was the sole member of the Committee of Creditors (CoC). Form G was published on 23.03.2023, setting the last date for receipt of Expression of Interest (EoI) as 10.04.2023 and the date for issuing the provisional list of Prospective Resolution Applicants (PRAs) as 12.04.2023. The Corporate Debtor had not been a

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## Issues and analysis

### Issue 1: Whether the decision of the Committee of Creditors (CoC) to initiate liquidation proceedings for …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, empowers the CoC to take a

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**Reasoning:** The Tribunal reasoned that the Corporate Debtor had not been doing business since 2020,

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**Interpretation:** Section 33(2) grants the CoC the authority to decide on liquidation, but this

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**Application:** In this case, the Tribunal found that the CoC's decision was justified because

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Mayank…
- **Respondents:** Bil Energy…; G. Madusudh…

## Timeline

- **2015-08-19 — SBI obtains orders from…**: State Bank of India (SBI) obtained orders from the District Magistrate to take…
- **2022-12-09 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for Bil Energy Systems Limited…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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