# In the matter of IMP Powers Limited

> NCLT judgment dated 2024-04-22. Citation: TCN-2024-NCLT-01650. STCI Finance Limited filed a Miscellaneous Application under Sections 60(5) and 52(5) of the…

- **Court:** NCLT
- **Order date:** 22 Apr 2024
- **Citation:** TCN-2024-NCLT-01650
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/imp-powers-limited-aca1a74c

## Summary

### Background

STCI Finance Limited filed a Miscellaneous Application under Sections 60(5) and 52(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking several prayers. These included setting aside an E-Auction Sale Notice dated 08.03.2023, directing the Liquidator to allow the Applicant to realize the Secured Assets as per Section 52(3) of the Code, and extending the time period to pay the Liquidator the costs. The Corporate Debtor, IMP Power Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 29.03.2022. Since no resolution plan was approved, liquidation was ordered on 19.12.2023, and Mr. Ravindra Kumar Goyal was appointed as the Liquidator. The Applicant, STCI Finance Limited, had extended financial facilities

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## Facts

The Corporate Debtor, M/s. IMP Power Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 29.03.2022. Mr. Mukesh Verma was appointed as Interim Resolution Professional (IRP). No resolution plan was approved by the Committee of Creditors (CoC), and the CIRP period of 487 days expired. The Resolution Professional (RP) filed IA No. 987 of 2023 seeking liquidation, and the Tribunal ordered liquidation on 19.12.2023, appointing Mr. Ravindra Kumar Goyal as the Liquidator. The Liquidator published a public announcement on 21.12.2023, inviting claims from creditors. The erstwhile CoC had resolved to explore compromise and arrangement possibilities. STCI Finance Limited, the Applicant, had provided financial facilities to the Corporate Debtor, with a

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## Issues and analysis

### Issue 1: Whether a judicial order of liquidation which requires the Liquidator to sell the Corporate Debtor …

**Ratio:** The decision of the majority Secured Creditors, who have relinquished the Security

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**Reasoning:** The court reasoned that the secured creditors with 73.76% in value had already

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**Interpretation:** The court interpreted that the liquidation process should not be stalled by a

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**Application:** The court applied this reasoning to the specific facts of the case, noting that

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** STCI Finance…
- **Respondents:** IMP Power L…; IMP Powers…

## Timeline

- **2022-03-29 — CIRP Admi…**: IMP Power Limited admitted into Corporate…
- **2023-03-08 — E-Auction Sal…**: E-Auction Sale Notice…

## 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)

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