# In the matter of Indira Priyadarshini Hydro Power Private Limited

> NCLT judgment dated 2023-12-12. Citation: TCN-2023-NCLT-00298. The case involves an application (IA 693/2021) filed by the ex-Resolution Professional (RP) and…

- **Court:** NCLT
- **Order date:** 12 Dec 2023
- **Citation:** TCN-2023-NCLT-00298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indira-priyadarshini-hydro-power-private-limited-de1e54c1

## Summary

### Background

The case involves an application (IA 693/2021) filed by the ex-Resolution Professional (RP) and Chairman of the Monitoring Committee of Indira Priyadarshini Hydro Power Pvt. Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), seeking a direction from the National Company Law Tribunal (NCLT) to Andritz Hydro Private Limited (Respondent 1) to hand over plant and machinery located at its warehouse to Manikaran Power Limited (Respondent 2), the successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated against Indira Priyadarshini Hydro Power Pvt. Ltd. based on a Section 9 application filed by Andritz Hydro Private Limited. The resolution plan submitted by Manikaran Power Limited was approved on 02.07.2021.

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## Facts

1. A Company Petition CP(IB)110/9/HDB/2019 was filed by M/s.Andritz Hydro Power Limited/Operational Creditor against M/s.Indira Priyadarshini Hydro Power Pvt. Ltd./Corporate Debtor under Section 9 of the Insolvency & Bankruptcy Code, 2016.
2. The Adjudicating Authority appointed Mr.Nethi Mallikarjuna Setty as Interim Resolution Professional (IRP) on 12.12.2019.
3. The IRP issued a public announcement on 18.12.2019.
4. Mr.Ravindra Beleyur was appointed as Resolution Professional (RP) on 27.01.2020, replacing Mr.Nethi Mallikarjuna Setty.
5. The RP took charge of the Corporate Debtor on 16.03.2020 and appointed two Registered Valuers.
6. Some of the Plant and Machinery are in the possession of M/s.Andritz Hydro Private Limited/Operational Creditor/Respondent 1.
7. The

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## Issues and analysis

### Issue 1: Whether the 1st Respondent can be directed to handover the plant and machinery (more fully …

**Ratio:** The Resolution Plan, once approved, is binding on all stakeholders, including operational

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**Reasoning:** The NCLT considered that the Resolution Plan has been almost implemented and the SRA is

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**Interpretation:** The NCLT interprets that the approved Resolution Plan is binding and that the

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**Application:** The NCLT directed the 1st Respondent to handover the Plant & Machinery to

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## Parties

- **Judges:** Venkata Ramakrishn…; SATHYA RANJAN…
- **Appellants:** Ravindra B…; RavindraB…
- **Respondents:** Indira Priyadarshi…; M/s.Andritz Hydro…

## Timeline

- **2019-12-12 — Appointment…**: Mr.Nethi Mallikarjuna Setty appointed…
- **2019-12-18 — Public Annou…**: IRP issued a public…

## 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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