# 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-01719. 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-01719
- **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-2019-5b849107

## 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. During the CIRP, the Committee of Creditors (CoC) met several times to decide on the way forward. Despite attempts to find a resolution applicant, no

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## Facts

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), 2016. The petition was admitted on 07.09.2021. Mr. Anuj Bajpai was appointed as the Interim Resolution Professional (IRP) and later 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 decide the future course of action. Despite publishing Form G on 01.12.2021, no formal Expression of Interest (EOI) was received from potential resolution applicants. Parties that visited the Vadodara Unit expressed concerns about the deteriorated condition of the

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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, after considering the lack of interest from potential resolution applicants and

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation proceedings

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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…**: C.P.(IB)-3844(MB)/2019…
- **2021-09-07 — Admission of…**: Petition under Section 7 of the Code, filed…

## 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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