# In the matter of Simhapuri Energy Limited I.A. No. 281-2023 in C.P. (IB) No. 13-7-HDB-2020

> NCLT judgment dated 2023-03-20. Citation: TCN-2023-NCLT-04145. The case pertains to the liquidation of Simhapuri Energy Limited (SEL). The liquidator filed an…

- **Court:** NCLT
- **Order date:** 20 Mar 2023
- **Citation:** TCN-2023-NCLT-04145
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/simhapuri-energy-limited-ia-no-281-2023-in-cp-ib-no-13-7-hdb-2020-ee058d59

## Summary

### Background

The case pertains to the liquidation of Simhapuri Energy Limited (SEL). The liquidator filed an application seeking closure of the liquidation process, as the corporate debtor was successfully sold as a going concern. The CIRP was initiated following a petition filed by State Bank of India under Section 7 of IBC, which was admitted on 2020-06-26. Anish Niranjan Nanavaty was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. As no viable resolution plan was received, the Tribunal ordered liquidation on 2021-10-06. Dr. G.V. Narasimha Rao was appointed as the liquidator.

## Facts

Simhapuri Energy Limited (SEL) underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India (SBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC). Anish Niranjan Nanavaty was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Due to the absence of a viable resolution plan, the Tribunal ordered liquidation on 2021-10-06, appointing Dr. G.V. Narasimha Rao as the liquidator. The liquidator initiated an e-auction process, inviting bids for the sale of the Corporate Debtor as a going concern. Jindal Power Limited (JPL) emerged as the successful bidder with a financial proposal of INR 335 crores. A Letter of Intent (LOI) was issued to JPL, but the payment was delayed due to

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, Simhapuri Energy Limited, should be closed …

**Ratio:** Regulation 45(3)(a) of the Insolvency & Bankruptcy Board of India (Liquidation

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**Reasoning:** The Tribunal considered the facts presented, including the successful e-auction sale to

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**Interpretation:** Regulation 45(3)(a) provides a clear pathway for closing the liquidation

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**Application:** In this case, the Corporate Debtor was successfully sold to Jindal Power

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** Simhapuri Energy…; Simhapuri Energy…

## Timeline

- **2020-06-26 — CIRP Init…**: Petition filed by State Bank of India under Section 7 of IBC admitted, initiating CIRP of…
- **2021-10-06 — Liquidation…**: Tribunal ordered liquidation of the Corporate Debtor due to the absence of a viable…

## 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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