# In the matter of Cauvery Powergeneration Chennai Private Limitied

> NCLT judgment dated 2023-07-24. Citation: TCN-2023-NCLT-02372. The application was filed by Sherisha Technologies Private Limited, the successful bidder in…

- **Court:** NCLT
- **Order date:** 24 Jul 2023
- **Citation:** TCN-2023-NCLT-02372
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cauvery-powergeneration-chennai-private-limitied-24c61094

## Summary

### Background

The application was filed by Sherisha Technologies Private Limited, the successful bidder in the e-auction for the sale of M/s. Cauvery Power Generation Chennai Private Limited, seeking various reliefs, concessions, and approvals necessary for taking over the Corporate Debtor as a going concern on a clean slate basis.

## Facts

Sherisha Technologies Private Limited, the applicant, emerged as the successful bidder in the e-auction process for the sale of M/s. Cauvery Power Generation Chennai Private Limited. The liquidation of the corporate debtor was ordered by the Tribunal on September 19, 2022. The e-auction for the sale of the corporate debtor as a going concern was conducted on January 10, 2023, where the applicant was the highest bidder for Rs. 75.80 Crores. The applicant paid the entire sale consideration on January 20, 2023, and the liquidator subsequently issued the Sale Certificate. The present application was filed by Sherisha Technologies Private Limited under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The application

…

## Issues and analysis

### Issue 1: Whether the status of the Corporate Debtor in the records of the Registrar of Companies and on its …

**Ratio:** The status of the Corporate Debtor in the records of the Registrar of Companies and on

…

**Reasoning:** The NCLT found it necessary to reflect the corporate debtor's active status to facilitate

…

**Interpretation:** The court interpreted the need for a clean slate to include updating the

…

**Application:** The request was granted, allowing the corporate debtor to resume normal

…

## Parties

- **Judges:** SANJIV…; SAMEER…; +2 more
- **Appellants:** Sherisha Technolog…
- **Respondents:** Cauvery Power…; K. Sival…; +1 more
- **Advocates:** For Applicant:…

## Timeline

- **September 19, 2022 — Liquidation…**: The Tribunal ordered the liquidation of the Corporate Debtor, M/s. Cauvery Power…
- **January 10, 2023 — E-auction Co…**: The e-auction for the sale of the Corporate Debtor as a going concern was conducted, and…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cauvery-powergeneration-chennai-private-limitied-24c61094