# In the matter of Ind Barath Thermal Power Limited I.A. No.1423-2022 in C.P. (IB) No. 745-7-HDB-2019

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03949. The case involves an application filed by the Resolution Professional (RP) under Section 33 of…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03949
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ind-barath-thermal-power-limited-ia-no1423-2022-in-cp-ib-no-745-7-hdb-2019-4e7cce06

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33 of the Insolvency & Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Ind Barath Thermal Power Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a Company Petition filed by the Financial Creditor, Punjab National Bank, under Section 7 of the Code. During the CIRP, two resolution plans were received but rejected by the Committee of Creditors (CoC). The CoC then directed the RP to move an application for liquidation before the NCLT.

## Facts

Punjab National Bank initiated CIRP against Ind Barath Thermal Power Ltd under Section 7 of IBC. The CIRP commenced on 2021-12-30, with Shri Sreekakulam Vamsi Krishna initially appointed as Interim Resolution Professional (IRP). Subsequently, Mr. Sudip Bhattacharya replaced him, and later, Mr. Deepak Maini became the Resolution Professional (RP). Two resolution plans were received following the publication of Form-G, but both were rejected by the CoC. The CoC then directed the RP to file for liquidation. The 14th CoC meeting on 2022-11-15 confirmed the rejection of Jindal Power Limited's resolution plan and the impending end of the CIRP period on 2022-11-21. The RP then filed an application for liquidation, which was approved by the NCLT. The NCLT considered the

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## Issues and analysis

### Issue 1: Whether the liquidation process against the …

**Ratio:** Section 33(1)(b) of the Insolvency and Bankruptcy Code (IBC) stipulates that if a

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**Reasoning:** The court reasoned that since the resolution plan submitted by one of the Prospective

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**Interpretation:** Section 33(1)(b) is interpreted to mean that liquidation is the default outcome

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**Application:** In this case, the CoC rejected the resolution plan submitted by Jindal Power

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Ind Baraath…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) No.745/7/HDB/2019…
- **2021-12-30 — CIRP Commen…**: Company Petition filed by the Financial Creditor u/s 7 of the Code was admitted by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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