# In the matter of KSK Energy Company Private Limited

> NCLT judgment dated 2024-04-01. Citation: TCN-2024-NCLT-01898. The case involves an application (IA 474/2024) filed by the liquidator of M/s. KSK Energy…

- **Court:** NCLT
- **Order date:** 1 Apr 2024
- **Citation:** TCN-2024-NCLT-01898
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ksk-energy-company-private-limited-2cc599ea

## Summary

### Background

The case involves an application (IA 474/2024) filed by the liquidator of M/s. KSK Energy Company Private Limited ("Corporate Debtor") seeking closure of the liquidation process. The liquidation was initiated following an order by the Tribunal on 25.05.2023, and Krishna Komaravolu was appointed as the liquidator. The liquidator carried out various functions, including public announcements, stakeholder consultations, and attempts to sell the Corporate Debtor as a going concern. The corporate debtor was successfully sold to M/s Innopark India Private Limited.

## Facts

The Tribunal ordered liquidation of KSK Energy Company Private Limited on 2023-05-25 and appointed Krishna Komaravolu as the liquidator. The liquidator made public announcements, held stakeholder consultations, and verified claims. An e-auction was conducted to sell the corporate debtor as a going concern. M/s. Innopark India Private Limited submitted the highest bid of INR 1,46,44,000/- and was declared the successful bidder. A Letter of Intent was issued on 2023-08-14. The successful bidder made the payment of the balance sale consideration on 2023-09-28. The liquidator obtained a legal opinion that IFCI Limited was not a Secured Financial Creditor eligible for distribution of liquidation proceeds. The liquidator shared the legal opinion and final distribution of

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, M/s KSK Energy Company Private Limited, …

**Ratio:** Regulation 45 (3) (a) of the Insolvency and Bankruptcy Board of India (Liquidation

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**Reasoning:** The Tribunal considered the facts presented by the liquidator, including the successful

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**Interpretation:** Regulation 45(3)(a) provides a clear pathway for closing liquidation

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**Application:** Since M/s Innopark India Private Limited acquired the Corporate Debtor as a

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** M/s. KSK Energy…

## Timeline

- **2023-05-25 — Liquidation…**: Tribunal ordered liquidation…
- **2023-05-28 — Public Annou…**: Public announcement was carried out in…

## 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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