# In the matter of Herodex Power Systems Pvt..Ltd. I.A. 2185-2021 In C.P. No. (IB) 2284-MB-2018

> NCLT judgment dated 2023-02-10. Citation: TCN-2023-NCLT-04643. The case involves an application (I.A. 2185/2021) filed by Mr. Shashank Kalkar, a former member…

- **Court:** NCLT
- **Order date:** 10 Feb 2023
- **Citation:** TCN-2023-NCLT-04643
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/herodex-power-systems-pvtltd-ia-2185-2021-in-cp-no-ib-2284-mb-2018-6decad29

## Summary

### Background

The case involves an application (I.A. 2185/2021) filed by Mr. Shashank Kalkar, a former member of the suspended board of Herodex Power Systems Pvt Ltd (the Corporate Debtor), seeking reconsideration of a resolution plan and protection of the Corporate Debtor's assets. The Committee of Creditors (CoC) had rejected Mr. Kalkar's resolution plan and filed an application (I.A. 1894/2020) for liquidation of the Corporate Debtor with 100% voting. The applicant expressed concerns about a plot of land in Hyderabad (Survey No. 6) and the Resolution Professional's failure to take possession of it. The applicant sought an affidavit confirming the land's integrity and willingness to pay Rs. 8 crores considering the land's value.

## Facts

Mr. Shashank Kalkar, a former member of the suspended board of Herodex Power Systems Pvt Ltd, filed an application seeking reconsideration of a resolution plan. The Committee of Creditors (CoC) rejected the resolution plan and filed for liquidation with 100% voting. The CoC's decision was influenced by the lack of concrete resolution plans from prospective applicants, including Mr. Kalkar, despite extended deadlines. Mr. Kalkar expressed concerns about a plot of land (Survey No. 6) in Hyderabad, an asset of the Corporate Debtor, and the Resolution Professional's failure to take possession. The applicant offered Rs. 7 crores towards the resolution plan. The applicant is also the owner/mortgagor of the land in question. The CIRP order was passed on 09.09.2019, and no

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## Issues and analysis

### Issue 1: Whether the application filed by Mr. Shashank Kalkar seeking reconsideration of the resolution plan …

**Ratio:** The court has the power to dismiss applications that are deemed to be a deliberate

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**Reasoning:** The court found that the applicant's concerns regarding the land and the Resolution

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**Interpretation:** The court interpreted the applicant's actions as a deliberate attempt to delay

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**Application:** The court applied the ratio to the facts of the case and concluded that the

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## Parties

- **Judges:** H.V. Subb…; Prabhat…
- **Appellants:** Shashank…
- **Respondents:** Herodex Power…; Prakash Nath…

## Timeline

- **2019-09-09 — CIRP Ord…**: Corporate Debtor was…
- **2019-10-03 — Public Announcement of…**: Public announcement of CIRP was made…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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