# In the matter of Spark Green Energy (Ahmednagar) Private Limited

> NCLT judgment dated 2024-04-24. Citation: TCN-2024-NCLT-01630. The case involves an application filed by the Liquidator of Spark Green Energy (Ahmednagar)…

- **Court:** NCLT
- **Order date:** 24 Apr 2024
- **Citation:** TCN-2024-NCLT-01630
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spark-green-energy-ahmednagar-private-limited-e44c185a

## Summary

### Background

The case involves an application filed by the Liquidator of Spark Green Energy (Ahmednagar) Private Limited under Section 35(1)(n) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Regulation 32A of the IBBI (Liquidation Process) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 16.11.2021. Upon failure of the resolution process, the CoC resolved to liquidate the Corporate Debtor on 18.08.2022. The liquidation process was initiated on 07.12.2022, and Mr. Sanjay Gupta was appointed as the Liquidator. The liquidator sought approval for the sale of the Corporate Debtor as a going concern and various reliefs and concessions for the successful bidder.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Spark Green Energy Systems Pvt. Ltd. was initiated on 16.11.2021. Mr. Suyash Rajendra Chhajed was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted. Upon failure of the Resolution Process, the CoC resolved to liquidate the Corporate Debtor on 18.08.2022. The liquidation process was initiated on 07.12.2022, and Mr. Sanjay Gupta was appointed as the Liquidator. The Liquidator made a public announcement on 17.01.2023. No claim was received by the Liquidator, so the claims submitted during the CIRP process were considered. Several e-auction sale notices were published, with the third one on 22.09.2023 attracting interest from 11 prospective bidders. Agrasen Sponge

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## Issues and analysis

### Issue 1: Whether the sale of the Corporate Debtor as a going concern requires approval from the Tribunal …

**Ratio:** Section 35 of IBC does not provide for approval of this Tribunal for sale of Corporate

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**Reasoning:** The Tribunal noted that the Liquidator had already concluded the sale of Corporate Debtor

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**Interpretation:** The Tribunal interpreted Section 35 of IBC and Regulation 32A of the IBBI

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**Application:** Since the Liquidator had already concluded the sale, received the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Sanjay…
- **Respondents:** Spark Green…; Agrasen Sponge…

## Timeline

- **2021-11-16 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of Spark Green Energy Systems Pvt. Ltd.…
- **2021-12-30 — First CoC M…**: The 1st Committee of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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