# In the matter of  Shree Ganesh EPC Private Limited

> NCLT judgment dated 2024-04-18. Citation: TCN-2024-NCLT-01677. The case pertains to a Company Application filed by the Liquidator of Shree Ganesh EPC Private…

- **Court:** NCLT
- **Order date:** 18 Apr 2024
- **Citation:** TCN-2024-NCLT-01677
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-ganesh-epc-private-limited-509e5ffb

## Summary

### Background

The case pertains to a Company Application filed by the Liquidator of Shree Ganesh EPC Private Limited, the Corporate Debtor, under Sections 230-232 of the Companies Act, 2013, read with the Insolvency and Bankruptcy Code, 2016, and related regulations. The application seeks to convene meetings of creditors/stakeholders to consider a Scheme of Arrangement proposed by Mr. N. Azhagappan and Rajalakshmi Wind Energy Limited (RWEL), and Mr. S. Ramanathan and Mr. M. Karunanithi. The CIRP was initiated on 06.09.2019, and liquidation was ordered on 17.01.2022. The applicant issued a publication inviting a Scheme of Compromise on 01.02.2022, with a submission deadline of 05.03.2022, receiving Expressions of Interest from two bidders.

## Facts

The Corporate Debtor, Shree Ganesh EPC Private Limited, is undergoing liquidation. The CIRP was initiated on 06.09.2019, and liquidation was ordered on 17.01.2022. The Liquidator filed an application seeking to convene meetings of creditors/stakeholders to consider a Scheme of Arrangement proposed by Mr. N. Azhagappan and Rajalakshmi Wind Energy Limited (RWEL), and Mr. S. Ramanathan and Mr. M. Karunanithi. The Liquidator had issued a publication inviting a Scheme of Compromise on 01.02.2022, with a submission deadline of 05.03.2022, receiving Expressions of Interest from two bidders. A previous application, CA(CAA)/45(CHE)/2022, was withdrawn. The Stakeholders Consultation Committee (SCC) was constituted. The stakeholders are agreeable to the compromise and

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## Issues and analysis

### Issue 1: Whether the application to convene meetings for a Scheme of Arrangement can be considered despite …

**Ratio:** The timeline under Regulation 2B of IBBI (Liquidation Process) Regulation, 2016 is

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**Reasoning:** The court relied on the Hon'ble Supreme Court decision in Pioneer Urban Land Infra Ltd

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**Interpretation:** The interpretation is that the prescribed timelines in Regulation 2B are not

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**Application:** The court applied this interpretation to the present case, allowing the

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** S. RAJE…
- **Respondents:** Shree Ganesh EPC…

## Timeline

- **2019-09-06 — CIRP Init…**: CIRP in respect of the…
- **2022-01-17 — Liquidation…**: Liquidation was ordered…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 230(5) — Delegation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-230)

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