# In the matter of Sinnar Termal Power Limited

> NCLT judgment dated 2024-03-19. Citation: TCN-2024-NCLT-02022. The case involves an application filed by Mr. Adarsh Sharma, the Interim Resolution…

- **Court:** NCLT
- **Order date:** 19 Mar 2024
- **Citation:** TCN-2024-NCLT-02022
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sinnar-termal-power-limited-6dd87aa1

## Summary

### Background

The case involves an application filed by Mr. Adarsh Sharma, the Interim Resolution Professional (IRP) of M/s Sinnar Thermal Power Limited ('Corporate Debtor'), under Section 27 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Sinnar Thermal Power Limited on 19.09.2022, following an application by the Operational Creditor under Section 9 of the IBC. Mr. Sharma was appointed as the IRP. Subsequently, one of the suspended directors of the Corporate Debtor filed an appeal before the NCLAT, which initially stayed the CIRP. The NCLAT later dismissed the appeal on 19.01.2024, vacating the stay. The Committee of Creditors (CoC) was constituted, and in its first meeting on 15.02.2024, a resolution was passed

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Sinnar Thermal Power Limited on 19.09.2022, following an application by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Adarsh Sharma was appointed as the Interim Resolution Professional (IRP). Public announcement regarding the commencement of CIRP was made on 21.09.2022, with a last date for submission of claims being 03.10.2022. One of the suspended directors of the Corporate Debtor filed an appeal before the NCLAT, which initially stayed the CIRP on 26.09.2022. The NCLAT dismissed the appeal on 19.01.2024, vacating the stay. The applicant did not collate the claims due to the stay imposed by NCLAT. The Committee of Creditors (CoC) was constituted on

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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 NCLT considered the resolution passed by the CoC, which had approved the replacement

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**Interpretation:** Section 27 of the IBC provides the mechanism for the CoC to replace a

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**Application:** In this case, the CoC passed a resolution to replace Mr. Adarsh Sharma with Mr.

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Adarsh S…
- **Respondents:** Sinnar Thermal…; Shapoorji…

## Timeline

- **2022-09-19 — Initiation…**: Corporate Insolvency Resolution Process initiated against M/s Sinnar Thermal Power…
- **2022-09-21 — Public Annou…**: Public announcement made…

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