# In the matter of Ind-Barath Energy (Utkal) Ltd. IA No. 882 of 2019 in CP (IB) No. 276-7-HDB-2018

> NCLT judgment dated 2022-07-25. Citation: TCN-2022-NCLT-01578. The case involves an interlocutory application (IA No. 882/2019) filed in a Corporate…

- **Court:** NCLT
- **Order date:** 25 Jul 2022
- **Citation:** TCN-2022-NCLT-01578
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ind-barath-energy-utkal-ltd-ia-no-882-of-2019-in-cp-ib-no-276-7-hdb-2018-9c174084

## Summary

### Background

The case involves an interlocutory application (IA No. 882/2019) filed in a Corporate Insolvency Resolution Process (CIRP) concerning Ind-Barath Energy (Utkal) Ltd. The CIRP was initiated following an application by Bank of Baroda under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority ordered the commencement of CIRP on 2018-08-29. Mr. Udayraj Patwardhan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A resolution plan was received from M/s JSW Energy Limited, which was approved by the Committee of Creditors (COC) with 82.70% votes on 2019-10-09. The applicant sought approval of the resolution plan.

## Facts

The key facts of the case are as follows:

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## Issues and analysis

### Issue 1: Whether this Adjudicating Authority can look into the issues of deterioration of assets after …

**Ratio:** The Adjudicating Authority's role is limited to ensuring that the Resolution Plan meets

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**Reasoning:** The Hon'ble Supreme Court in Maharashtra Seamless Limited Vs. Padmanabhan Venkatesh and

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**Interpretation:** The proviso to Section 31(1) is to ensure that the Resolution Plan itself

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**Application:** The Adjudicating Authority cannot once again get into the questions of

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## Parties

- **Judges:** BINOD KUMAR…; Bhaskara Pantula…
- **Appellants:** Udayraj Pat…
- **Respondents:** Ind-Barath Energy…

## Timeline

- **2018-08-29 — Commencement…**: The Adjudicating Authority ordered the commencement of Corporate Insolvency Resolution…
- **2019-10-09 — Approval of Resolution…**: The Resolution Plan received from M/s JSW Energy Limited was approved by the Committee of…

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