# In the matter of Maadurga Thermal Power Company Limited IA (IB) No. 266-CB-2022 In
TP No. 32-CTB-2019 Connected with
 CP (IB) No. 129-KB-2018

> NCLT judgment dated 2022-11-07. Citation: TCN-2022-NCLT-00517. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 7 Nov 2022
- **Citation:** TCN-2022-NCLT-00517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maadurga-thermal-power-company-limited-ia-ib-no-266-cb-2022-in-tp-no-32-ctb-2019-73749c9d

## Summary

### Background

The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016, for the closure of the liquidation process of Maadurga Thermal Power Company Limited. The corporate insolvency resolution process (CIRP) was initiated, and an interim resolution professional (IRP) was appointed. Subsequently, the IRP was replaced by a resolution professional (RP). Despite extending the deadline multiple times, no resolution plans were received within the stipulated 270-day period. Consequently, liquidation was ordered, and the applicant was appointed as the liquidator. The liquidator then

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Maadurga Thermal Power Company Limited. Mr. Rajesh Kumar Agarwal was initially appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Pankaj Dhanuka as the Resolution Professional (RP). Despite multiple extensions, no resolution plans were received within the stipulated 270-day period. Consequently, liquidation was ordered on 25.06.2019, and Mr. Pankaj Dhanuka was appointed as the liquidator. The liquidator conducted five rounds of e-auctions to sell the corporate debtor as a going concern but received no bids. In the sixth round, Thakur Prasad Sao & Sons Pvt. Ltd. was chosen as the highest bidder but did not respond. Subsequently, the 'Consortium' of Radhe

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, Maadurga Thermal Power Company Limited, …

**Ratio:** Section 53 of the Insolvency & Bankruptcy Code, 2016, prescribes the manner in which

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**Reasoning:** The court observed that the liquidator had completed the sale of the Corporate Debtor

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**Interpretation:** The interpretation of Section 53 and Regulation 45(3) is that once the

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**Application:** In this case, the liquidator had completed the sale of the Corporate Debtor,

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Pankaj Dh…
- **Respondents:** Maadurga Thermal…; SREI Equipment…

## Timeline

- **2018-09-05 — Appointment…**: Mr. Rajesh Kumar Agarwal was appointed as Interim Resolution Professional in the matter…
- **2018-10-29 — Invitation for…**: Prospective resolution applicants were invited to submit resolution plans for the…

## 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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