# In the matter of Trans-fab Power India Private Limited

> NCLT judgment dated 2024-11-25. Citation: TCN-2024-NCLT-00175. The case involves the liquidation of Trans-Fab Power India Private Limited, which was admitted…

- **Court:** NCLT
- **Order date:** 25 Nov 2024
- **Citation:** TCN-2024-NCLT-00175
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trans-fab-power-india-private-limited-a7921208

## Summary

### Background

The case involves the liquidation of Trans-Fab Power India Private Limited, which was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-08-30. Due to the failure of the Resolution Plan, the company was placed into liquidation on 2023-06-28. The liquidator initiated an auction process, and SM Electric Works emerged as the winning bidder. The liquidator sought closure of the liquidation process, discharge from duties, and approval of the final report.

## Facts

Trans-Fab Power India Private Limited was admitted into CIRP on 2019-08-30, but the resolution plan failed, leading to liquidation starting 2023-06-28. The liquidator initiated an auction, and SM Electric Works won with a bid of Rs. 6,05,91,998/-. SM Electric Works requested an extension for payment, which was initially denied, but later granted by the Tribunal until 2024-02-27. The full payment of Rs. 6,32,63,931/- (including interest) was received by 2024-04-23. The liquidator executed an agreement with SM Electric Works on 2024-03-04 for the sale of TPIPL as a going concern, approved by the Tribunal on 2024-07-15. After settling dues, the liquidator distributed the proceeds according to Section 53 of the Insolvency and Bankruptcy Code, 2016, and closed the

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## Issues and analysis

### Issue 1: Whether the liquidation process of Trans-Fab …

**Ratio:** Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 45(3)(a)

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**Reasoning:** The court noted that the Corporate Debtor had been sold as a going concern, the

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**Interpretation:** Section 60(5) provides the NCLT with broad powers to adjudicate on issues

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**Application:** The court applied the provisions of Section 60(5) and Regulation 45(3)(a) to

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** AMOD STAMPINGS…
- **Respondents:** Trans-Fab Power…; Trans Fab Power…

## Timeline

- **2019-08-30 — CIRP Admi…**: Trans-Fab Power India Private Limited was admitted into Corporate Insolvency Resolution…
- **2023-06-28 — Liquidation…**: Due to the failure of the Resolution Plan, the Corporate Debtor was placed into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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