# In the matter of South East U.P. Power Transmission Company Ltd. IA (IB) No.79-ALD-2022 in CP (IB) No.107-ALD-2019

> NCLT judgment dated 2022-06-15. Citation: TCN-2022-NCLT-02233. The case pertains to an application (IA (IB) No.79/ALD/2022) filed in connection with a…

- **Court:** NCLT
- **Order date:** 15 Jun 2022
- **Citation:** TCN-2022-NCLT-02233
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/south-east-up-power-transmission-company-ltd-ia-ib-no79-ald-2022-in-cp-ib-no107-336b7ef3

## Summary

### Background

The case pertains to an application (IA (IB) No.79/ALD/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against South-East U.P. Power Transmission Company Limited ("Corporate Debtor") under CP (IB) No.107/ALD/2019. The CIRP was initiated by Power Finance Corporation Limited ("PFC") under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"). The application seeks approval of a resolution plan submitted by Resurgent Power Ventures PTE Limited. The CIRP was initiated after the Corporate Debtor defaulted on its debt obligations to its financial creditors. The Resolution Professional (RP) conducted the CIRP, including inviting expressions of interest, constituting a Committee of Creditors (CoC),

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## Facts

Power Finance Corporation Limited ("PFC") initiated Corporate Insolvency Resolution Process ("CIRP") against South-East U.P. Power Transmission Company Limited ("Corporate Debtor") by filing CP (IB) No.107/ALD/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"). The CIRP was triggered due to the Corporate Debtor's default on its debt obligations. The application was admitted on 2020-07-16, marking the Insolvency Commencement Date. Mr. Rajesh Samson was initially appointed as the Interim Resolution Professional ("IRP") but was later replaced by Mr. Shailesh Verma, the Applicant, based on the recommendations of the Committee of Creditors ("CoC") on 2020-09-07. The 270-day CIRP period

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Resurgent Power Ventures PTE Limited complies with the …

**Ratio:** Sections 30 and 31 of the IBC outline the requirements for approval of a resolution plan,

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it meets the

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to ensure that the resolution

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**Application:** The Adjudicating Authority applied the requirements of Sections 30 and 31 of

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** Power Finance…
- **Respondents:** South East U.P.…; Resurgent Power…

## Timeline

- **2019-01-01 — Initiation…**: CP (IB) No.107/ALD/2019 filed by…
- **2020-07-16 — Admission…**: Corporate Insolvency Resolution Process (CIRP) initiated against South-East U.P. Power…

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