# in the matter of Easun Reyrolle Limited IA-887-CHE-2021 in IBA-1045 & 1169-2019

> NCLT judgment dated 2022-02-17. Citation: TCN-2022-NCLT-04083. The application IA/887/CHE/2021 was filed under Section 33(2) & 34 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 17 Feb 2022
- **Citation:** TCN-2022-NCLT-04083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/easun-reyrolle-limited-ia-887-che-2021-in-iba-1045-1169-2019-655785d7

## Summary

### Background

The application IA/887/CHE/2021 was filed under Section 33(2) & 34 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking an order for the liquidation of the Corporate Debtor, Easun Reyrolle Limited. The Resolution Professional (RP), Mr. B. Parameshwara Udpa, filed the application after the Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor. The CIRP was initiated, and the RP was appointed on 05.05.2020. Public announcements were made to invite claims from creditors. The CoC meetings were held, and various matters, including the appointment of valuers, payment of wages, and exclusion of the COVID-19 lockdown period from the CIRP period, were discussed. The RP also made a public announcement for

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Easun Reyrolle Limited, and Mr. B. Parameshwara Udpa was appointed as the Interim Resolution Professional (IRP) on 05.05.2020. Public announcements were made to invite claims from creditors. Several meetings of the Committee of Creditors (CoC) were held to discuss various aspects of the CIRP, including the appointment of valuers, payment of wages, and exclusion of the COVID-19 lockdown period from the CIRP period. The RP made a public announcement for Expression of Interest (EoI) and received an EoI from Mr. Syed Fahad in consortium with M/s. Greenergy Wind Corporation Private Limited. The resolution plan submitted by the prospective resolution applicant was rejected by the CoC with a vote of

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Easun Reyrolle Limited, should be …

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

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**Reasoning:** The CoC rejected the resolution plan with a vote of 92.77%, which satisfies the

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**Interpretation:** Section 33(2) of the IBC provides the legal basis for initiating liquidation

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**Application:** In this case, the CoC rejected the resolution plan with a significant majority

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** Mr.B.Parameshwara…
- **Respondents:** Easun Reyrolle…

## Timeline

- **2020-05-05 — Appointment…**: The Applicant was appointed as Interim Resolution Professional (IRP) of the Corporate…
- **2020-05-10 — Public Annou…**: IRP caused public announcement calling for the claimants from the Creditors of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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