The case involves an application (I.A. 4034/2023) filed by State Bank of India (SBI), the financial creditor and sole Committee of Creditors (CoC) of Transparent Energy Systems Pvt. Ltd. (Corporate Debtor). SBI sought liquidation of the Corporate Debtor because the Successful Resolution Applicant (SRA), Ashok Dattatray Atre, failed to implement the approved resolution plan. The resolution plan was approved earlier by the NCLT. Other applications, I.A. 3410/2023 filed by the Monitoring Agent, Vijendra Kumar Jain, seeking directions to the SRA for implementation of the resolution plan, and I.A. 483/2023 filed by the SRA seeking extension of the resolution plan timeline, are also addressed in the same order.
The Corporate Insolvency Resolution Process (CIRP) of Transparent Energy Systems Pvt. Ltd. commenced on March 8, 2019. Mr. Ashish Vyas was initially appointed as the Interim Resolution Professional (IRP), followed by Mr. Nimit Kalsi as the Resolution Professional. The resolution plan submitted by the Successful Resolution Applicant (SRA) was approved by the Committee of Creditors (CoC) on November 20, 2020, and subsequently approved by the Tribunal on April 16, 2021. The approved resolution plan had a tenure of three years. The SRA was making payments to creditors according to the timelines until October 15, 2022. However, the SRA failed to fulfill payment obligations due between October 16, 2022, and April 15, 2023. The SRA sought an extension of the timeline, citing
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Corporate Ins…
Resolution Plan…
The case involves an application (I.A. 4034/2023) filed by State Bank of India (SBI), the financial creditor and sole Committee of Creditors (CoC) of Transparent Energy Systems Pvt. Ltd. (Corporate Debtor). SBI sought liquidation of the Corporate Debtor because the Successful Resolution Applicant (SRA), Ashok Dattatray Atre, failed to implement the approved resolution plan. The resolution plan was approved earlier by the NCLT. Other applications, I.A. 3410/2023 filed by the Monitoring Agent, Vijendra Kumar Jain, seeking directions to the SRA for implementation of the resolution plan, and I.A. 483/2023 filed by the SRA seeking extension of the resolution plan timeline, are also addressed in the same order.
The Corporate Insolvency Resolution Process (CIRP) of Transparent Energy Systems Pvt. Ltd. commenced on March 8, 2019. Mr. Ashish Vyas was initially appointed as the Interim Resolution Professional (IRP), followed by Mr. Nimit Kalsi as the Resolution Professional. The resolution plan submitted by the Successful Resolution Applicant (SRA) was approved by the Committee of Creditors (CoC) on November 20, 2020, and subsequently approved by the Tribunal on April 16, 2021. The approved resolution plan had a tenure of three years. The SRA was making payments to creditors according to the timelines until October 15, 2022. However, the SRA failed to fulfill payment obligations due between October 16, 2022, and April 15, 2023. The SRA sought an extension of the timeline, citing
…Corporate Ins…
Resolution Plan…