# In the matter of Sinnar Termal Power Limited

> NCLT judgment dated 2024-03-19. Citation: TCN-2024-NCLT-02025. The case involves an application (I.A. NO. 1030 OF 2024) filed in the Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 19 Mar 2024
- **Citation:** TCN-2024-NCLT-02025
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sinnar-termal-power-limited-4e733e6e

## Summary

### Background

The case involves an application (I.A. NO. 1030 OF 2024) filed in the Corporate Insolvency Resolution Process (CIRP) of M/s Sinnar Thermal Power Limited. The CIRP was initiated based on an application filed by an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Adarsh Sharma was appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) resolved to replace Mr. Adarsh Sharma with Mr. Rahul Jindal as the Resolution Professional (RP).

## Facts

M/s Shapoorji Pallonji & Co. Pvt. Ltd. is the Operational Creditor. M/s Sinnar Thermal Power Limited is the Corporate Debtor. Mr. Adarsh Sharma was initially appointed as the Interim Resolution Professional (IRP) after the initiation of Corporate Insolvency Resolution Process (CIRP) against Sinnar Thermal Power Limited based on Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commencement was publicly announced on 21.09.2022. One of the Suspended Directors of the Corporate Debtor filed an appeal before the NCLAT, which initially stayed the CIRP. The stay was later vacated on 19.01.2024. The Committee of Creditors (CoC) was constituted on 06.02.2024. In a meeting held on 15.02.2024, the CoC resolved to replace Mr. Adarsh Sharma with Mr. Rahul

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve the replacement of the Interim Resolution …

**Ratio:** Section 27 of the Insolvency and Bankruptcy Code (IBC) allows the Committee of Creditors

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**Reasoning:** The Adjudicating Authority considered the resolution passed by the CoC, where 89.73% of

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**Interpretation:** Section 27 of the IBC grants the CoC the power to replace a resolution

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**Application:** In this case, the CoC, having the requisite majority (89.73%), resolved to

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Respondents:** M/s Sinnar…
- **Advocates:** Abhishek…; Kashish…; +2 more

## Timeline

- **2022-09-19 — Initiation…**: The Adjudicating Authority initiated Corporate Insolvency Resolution Process against M/s…
- **2022-09-21 — Public Annou…**: Public announcement regarding the…

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