# In the matter of Gujarat Hydrocarbons and Power SEZ Limited

> NCLT judgment dated 2023-09-13. Citation: TCN-2023-NCLT-01650. The case involves an application filed by M/s. Assam Company India Limited (ACIL) under Section…

- **Court:** NCLT
- **Order date:** 13 Sept 2023
- **Citation:** TCN-2023-NCLT-01650
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gujarat-hydrocarbons-and-power-sez-limited-aee558aa

## Summary

### Background

The case involves an application filed by M/s. Assam Company India Limited (ACIL) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the treatment of ACIL as an Unsecured Financial Creditor by M/s. Gujarat Hydrocarbons and Power SEZ Limited (Respondent No. 1), the Corporate Debtor. ACIL claims it should be considered a Secured Financial Creditor because it paid Rs. 38.87 Crores to M/s. SREI Infrastructure Finance Limited (Respondent No. 2) in full settlement of its claim through a resolution plan in another case (SREI vs. ACIL). This payment was made when BRS Ventures Investment Limited infused Rs. 1064 crores, assigning the debt of Respondent No. 2 to ACIL. The application seeks orders to set aside the claim of Rs. 1885.08 Cr submitted by

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## Facts

M/s. SREI Infrastructure Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Gujarat Hydrocarbons and Power SEZ Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 18.11.2020, and a moratorium was declared. M/s. Assam Company India Limited (ACIL), the holding company of the Corporate Debtor, filed an application challenging its treatment as an Unsecured Financial Creditor, claiming it should be a Secured Financial Creditor because it paid Rs. 38.87 Crores to M/s. SREI Infrastructure Finance Limited in another CIRP (SREI vs. ACIL) after BRS Ventures Investment Limited infused Rs. 1064 crores, assigning the debt to ACIL. ACIL sought to set aside the claim of Rs. 1885.08 Cr submitted by

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can entertain the present Application which is devoid of merits …

**Ratio:** Once the Resolution Plan has been approved by the CoC, the Adjudicating Authority can't

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**Reasoning:** The Adjudicating Authority cannot entertain the present Application which is devoid of

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**Interpretation:** The interpretation is that once a resolution plan is approved by the CoC, the

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**Application:** The Adjudicating Authority cannot entertain the application because the

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** M/s. Assam…
- **Respondents:** M/s. Gujarat…

## Timeline

- **2020-11-18 — Admission of Application…**: Application under section 7 of the Insolvency and Bankruptcy Code, 2016 was admitted by…
- **2021-04-05 — Submission of…**: The Resolution Plan (a revised/Final Resolution Plan dated 5th April 2021 as well as 23rd…

## 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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