# In the matter of Saradambika Power Plant Private Limited IA(IBC)-340-2022 in CP (IB) No. 4-7-AMR-2021

> NCLT judgment dated 2023-02-03. Citation: TCN-2023-NCLT-04788. The case involves an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 3 Feb 2023
- **Citation:** TCN-2023-NCLT-04788
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saradambika-power-plant-private-limited-iaibc-340-2022-in-cp-ib-no-4-7-amr-2021-1627ef65

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of the Corporate Debtor, M/s. Saradambika Power Plant Private Limited, and the appointment of a liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 7 of the IBC. The Interim Resolution Professional (IRP) was appointed and took charge of the Corporate Debtor, issuing a public announcement to invite claims from creditors.

## Facts

The Resolution Professional filed an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, M/s. Saradambika Power Plant Private Limited. The NCLT, Amaravati, admitted a petition under Section 7 of the IBC, initiating CIRP. Mr. Charudutt Pandhrinath Marathe was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement inviting claims from creditors. The Committee of Creditors (CoC) appointed the IRP as the Resolution Professional (RP). The RP published Form G, inviting Expressions of Interest (EoI), but no EoIs were received. The CoC approved the liquidation of the Corporate Debtor with 100% voting. The erstwhile management failed to cooperate and provide required

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Saradambika Power Plant …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation

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**Reasoning:** The court reasoned that despite all possible steps taken during the CIRP, the CoC did not

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**Interpretation:** Section 33(1)(a) is interpreted to mean that if the CIRP fails to produce a

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**Application:** In this case, the RP followed the necessary procedures, including inviting

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Indian Renewable…
- **Respondents:** Saradambika Power…; Saradambika Power…

## Timeline

- **2021-01-01 — CP(IB) No.4/7/…**: Filing of CP(IB)…
- **2022-04-18 — NCLT Ord…**: NCLT, Amaravati admitted the Petition i.e., CP (IB) No.4/7/AMR/2021 under Section 7 of…

## 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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