# In the matter of Bilpower Limited I.A. 966 of 2022 in CP (IB) – 3844-IBC-MB-2019

> NCLT judgment dated 2022-07-14. Citation: TCN-2022-NCLT-01730. The case pertains to an application (I.A. No. 966/2022) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 14 Jul 2022
- **Citation:** TCN-2022-NCLT-01730
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bilpower-limited-ia-966-of-2022-in-cp-ib-3844-ibc-mb-2019-19025fe4

## Summary

### Background

The case pertains to an application (I.A. No. 966/2022) filed by the Resolution Professional (RP), Mr. Anuj Bajpai, seeking liquidation of Bilpower Limited, the Corporate Debtor, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Bilpower Limited following the admission of a petition under Section 7 of the Code filed by State Bank of India, the Financial Creditor, on 07.09.2021. The RP was appointed as the Interim Resolution Professional by the Tribunal. Public announcement was made on 18.09.2021 inviting claims from the creditors. The Committee of Creditors (CoC) was formed, and in its meetings, the lack of interest from potential resolution applicants due to the deteriorated

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## Facts

The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Bilpower Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 07.09.2021. Anuj Bajpai was appointed as the Resolution Professional (RP). A public announcement was made on 18.09.2021, inviting claims from creditors. The Committee of Creditors (CoC) was formed, and several meetings were held to discuss the way forward. During the CIRP, the RP published Form G on 01.12.2021, inviting Expression of Interest (EOI) from potential resolution applicants, but no formal EOI was received. Several parties visited the Vadodara unit of Bilpower Limited and provided feedback that the machines had deteriorated due to a manufacturing

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Bilpower Limited, under Section …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The CoC, in its meeting dated 21.02.2022, with 100% voting, decided to opt for

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**Interpretation:** Section 33(1) provides the legal basis for the CoC's decision to liquidate the

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**Application:** The CoC's decision to liquidate Bilpower Limited, based on the lack of

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** State Bank of…
- **Respondents:** Bilpower L…

## Timeline

- **2019-01-01 — Company Pe…**: Company Petition No.…
- **2021-09-07 — Admission of…**: Petition under Section 7 of the Code filed…

## 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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