# In the matter of Shree Maheshwar Hydel Power Corporation Ltd. IA-9(MP)2023 In TP 258 of 2019

> NCLT judgment dated 2023-03-17. Citation: TCN-2023-NCLT-04176. This case involves an application (IA/09(MP)2023) filed under Section 60(5) of the Insolvency…

- **Court:** NCLT
- **Order date:** 17 Mar 2023
- **Citation:** TCN-2023-NCLT-04176
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-maheshwar-hydel-power-corporation-ltd-ia-9mp2023-in-tp-258-of-2019-9cc9a0d2

## Summary

### Background

This case involves an application (IA/09(MP)2023) filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016, by Entegra Limited. Entegra sought a direction to remove Mr. Apoorv Sarvaria (Respondent No. 2) as the Resolution Professional (RP) of Shree Maheshwar Hydel Power Corporation Limited (Respondent No. 1). The application also aimed to reconstitute the Committee of Creditors (CoC) by including the claim of the Applicant and removing Respondent Nos. 4 to 7 from the CoC. The Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Maheshwar Hydel Power Corporation Limited based on an application under section 7 filed by Power Finance Corporation Limited (PFC). The company was admitted into

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## Facts

Entegra Limited filed an application IA/09(MP)2023 under Section 60(5) of the IBC seeking the removal of Mr. Apoorv Sarvaria as the Resolution Professional (RP) of Shree Maheshwar Hydel Power Corporation Limited and the reconstitution of the Committee of Creditors (CoC). Power Finance Corporation Limited (PFC) had previously filed an application under Section 7 of the IBC, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against Shree Maheshwar Hydel Power Corporation Limited. The Adjudicating Authority, Kolkata Bench, admitted the company into CIRP. Mr. Apoorv Sarvaria was appointed as the Interim Resolution Professional (IRP). The IRP constituted the CoC, including PFC, HUDCO, REC, IFCI, and HUDCO, with varying voting shares. Entegra

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## Issues and analysis

### Issue 1: Whether Mr. Apoorv Sarvaria should be removed as the Resolution Professional of Shree Maheshwar …

**Ratio:** The court did not make a final determination on this issue. The decision was deferred for

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**Reasoning:** The court felt that a detailed analysis of the facts and law was required before making a

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**Interpretation:** The court acknowledged the complexity of the facts presented by both sides and

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**Application:** The court directed the RP to keep the CIRP on hold, indicating that the RP's

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Entegra…
- **Respondents:** Shree Maheshwar…; Shree Maheshwar…

## Timeline

- **2022-09-27 — Admission in…**: Shree Maheshwar Hydel Power Corporation Limited was admitted into Corporate Insolvency…
- **2022-09-30 — Appointment…**: Mr. Apoorv Sarvaria was appointed as the Interim Resolution Professional (IRP) by 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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