# In the matter of Regen Powertech Private Limited IVN.P-6,7,11,13 & 14(CHE)-2021 & IA(IBC)-460-CHE-2021 in IBA-1099-2019

> NCLT judgment dated 2022-02-01. Citation: TCN-2022-NCLT-04306. The document pertains to an application filed by the Resolution Professional (RP) seeking…

- **Court:** NCLT
- **Order date:** 1 Feb 2022
- **Citation:** TCN-2022-NCLT-04306
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/regen-powertech-private-limited-ivnp-671113-14che-2021-iaibc-460-che-2021-in-iba-93427942

## Summary

### Background

The document pertains to an application filed by the Resolution Professional (RP) seeking approval of a resolution plan for the Corporate Debtor, Regen Powertech Private Limited, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC). Several intervening petitions were filed objecting to the resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against Regen Powertech Private Limited based on an application filed by an Operational Creditor under Section 9 of the IBC. The RP took control of the Corporate Debtor and constituted a Committee of Creditors (CoC). The CoC approved a resolution plan submitted by Renew Power Services Limited with 94.08% voting share. The RP then filed an application for approval of the resolution plan

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Regen Powertech Private Limited (RPPL) based on an application filed by Sarangs Heavy Lift India Private Limited, an Operational Creditor, under Section 9 of the IBC, 2016. The Tribunal initiated CIRP on 2019-12-09. Ebenezar Inbaraj was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made as per Regulations 12 of the IBBI Regulations. Claims were received from various creditors, and a Committee of Creditors (CoC) was constituted. The initial CoC did not approve the resolution to confirm the Applicant as RP. Two financial creditors, L&T Infra and L&T Finance Limited, withdrew their claims. The CoC was

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can interfere with the commercial wisdom of the Committee of …

**Ratio:** The Adjudicating Authority has limited jurisdiction to interfere with the commercial

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**Reasoning:** The Supreme Court has held that the Adjudicating Authority cannot interfere on merits

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**Interpretation:** The commercial wisdom of the CoC is paramount, and the Adjudicating Authority's

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**Application:** In this case, the Adjudicating Authority found that the CoC had approved the

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## Parties

- **Judges:** (Retd.) S.…; Anil Ku…
- **Respondents:** Regen Powertech…; Ebenezar I…

## Timeline

- **2019-12-09 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against Regen Powertech Private…
- **2020-01-10 — First CoC M…**: The 1st meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(2) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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