# In the matter of Shalivahana Green Energy Ltd.

> NCLT judgment dated 2023-09-25. Citation: TCN-2023-NCLT-01479. The case involves applications IA(IBC) 1520 & 1521/2023 in CP(IB) No. 153/7/HDB/2022 filed in…

- **Court:** NCLT
- **Order date:** 25 Sept 2023
- **Citation:** TCN-2023-NCLT-01479
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shalivahana-green-energy-ltd-9e3a9d17

## Summary

### Background

The case involves applications IA(IBC) 1520 & 1521/2023 in CP(IB) No. 153/7/HDB/2022 filed in the National Company Law Tribunal, Hyderabad Bench – 1. The applications relate to a Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, where Indian Renewble Energy Development Agency Ltd is the Financial Creditor and M/s Shalivahana Green Energy Ltd is the Corporate Debtor. The RP filed an application seeking leave for withdrawal of the CP whereunder in CIRP proceedings Tribunal vide order dated 19.10.2023 has admitted CD into CIRP.

## Facts

Indian Renewble Energy Development Agency Ltd initiated CIRP against M/s Shalivahana Green Energy Ltd under Section 7 of IBC, 2016. The Tribunal admitted the Corporate Debtor (CD) into CIRP via an order dated 19.10.2023. Subsequently, the Resolution Professional (RP) filed an application seeking leave to withdraw the CIRP, supported by 98.07% of the creditors. The RP also filed an application to take on record the 2nd report certifying the committee of creditors and List of Creditors as on 17.08.2023. The Tribunal considered these applications and the circumstances, leading to the withdrawal of the CIRP and lifting of the moratorium.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the withdrawal of the Corporate Insolvency Resolution Process …

**Ratio:** The legal principle applied here is the Tribunal's power to allow withdrawal of CIRP

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**Reasoning:** The Tribunal reasoned that since the application for withdrawal was supported by 98.07%

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**Interpretation:** This interprets the IBC provisions to allow for flexibility in resolving

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Indian Renewble…
- **Respondents:** M/s Shalivahana…

## Timeline

- **2023-10-19 — Tribunal…**: Tribunal vide order…
- **2023-08-17 — 2nd report certifying the committee of…**: RP filed an application to take on record the 2nd report certifying the committee of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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