# In the matter of Elena Power and Infrastructure Pvt. Ltd. IA-4049-2022 in IB-356-ND-2021

> NCLT judgment dated 2023-06-12. Citation: TCN-2023-NCLT-02985. The Applicant filed an application under Section 33(2) of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 12 Jun 2023
- **Citation:** TCN-2023-NCLT-02985
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/elena-power-and-infrastructure-pvt-ltd-ia-4049-2022-in-ib-356-nd-2021-95a037dd

## Summary

### Background

The Applicant filed an application under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) submitted that the Committee of Creditors (CoC) decided to liquidate the Corporate Debtor (CD) and appointed Mr. Ashok Arora as the Liquidator. The Respondent did not appear despite being served notice. The CoC passed a resolution to liquidate Elena Power and Infrastructure Limited.

## Facts

Fidus Finance Pvt. Ltd. filed an application under Section 33(2) of the IBC, 2016, seeking liquidation of Elena Power and Infrastructure Pvt. Ltd. The CoC, consisting of Fidus Finance Private Limited (84.72% voting share) and Antheia Engineers Pvt Ltd (15.28% voting share), resolved on 26.07.2022 to liquidate the Corporate Debtor and appoint Mr. Ashok Arora as Liquidator. The CoC's decision was based on the provisions of Section 33(2) of the IBC, 2016. The Respondent, Elena Power and Infrastructure Pvt. Ltd., did not appear despite being served notice. The Adjudicating Authority considered the CoC's decision and the relevant provisions of the IBC before ordering the liquidation.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve the decision of the Committee of Creditors (CoC) …

**Ratio:** Section 33(2) of the IBC, 2016, allows the Adjudicating Authority to pass a liquidation

…

**Reasoning:** The CoC, with a voting share exceeding sixty-six percent, resolved to liquidate the

…

**Interpretation:** Section 33(2) provides a mechanism for the CoC to decide on liquidation before

…

**Application:** In this case, the CoC, with Fidus Finance Private Limited and Antheia Engineers

…

## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** Fidus Finance…
- **Respondents:** Elena Power And…

## Timeline

- **2022-07-26 — CoC Resol…**: The Committee of Creditors (CoC) passed a resolution to liquidate the Corporate Debtor,…
- **2023-06-12 — Order Del…**: The Adjudicating Authority delivered an order to liquidate the Corporate Debtor, Elena…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 36 — Liquidation estate](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-36)

---

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/elena-power-and-infrastructure-pvt-ltd-ia-4049-2022-in-ib-356-nd-2021-95a037dd