# In the matter of Transparent Energy Systems Private Limited

> NCLT judgment dated 2024-01-04. Citation: TCN-2024-NCLT-03319. The case involves an application (I.A. 4034/2023) filed by State Bank of India (SBI), the…

- **Court:** NCLT
- **Order date:** 4 Jan 2024
- **Citation:** TCN-2024-NCLT-03319
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/transparent-energy-systems-private-limited-7dd2c42e

## Summary

### Background

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 the Corporate Debtor, Transparent Energy Systems Pvt. Ltd., seeking liquidation of the Corporate Debtor. The application arises because the Successful Resolution Applicant (SRA), Ashok Dattatray Atre, failed to implement the approved resolution plan. The resolution plan was approved by the Tribunal on April 16, 2021. Other applications (I.A. 3410/2023 and I.A. 483/2023) are connected to this matter and are also disposed of by the same order. I.A. 3410/2023 was filed by the Monitoring Agent, Vijendra Kumar Jain, seeking directions to the SRA to implement the resolution plan. I.A. 483/2023 was filed by the SRA seeking an

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Transparent Energy Systems Pvt. Ltd. was initiated by the Tribunal. Mr. Ashish Vyas was initially appointed as the Interim Resolution Professional (IRP), followed by Mr. Nimit Kalsi as the Resolution Professional. Subsequently, the erstwhile Resolution Applicant was appointed as Resolution Professional. The Resolution Plan submitted by the SRA was approved by the CoC on November 20, 2020, and 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, but failed to fulfill payment obligations due between October 16, 2022, and April 15, 2023. The SRA sought an extension, citing delays

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## Issues and analysis

### Issue 1: Whether the extension of the resolution plan timeline can be granted to the SRA due to delays in …

**Ratio:** Extension of timelines on the ground of delay in recovery cannot be considered as the

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**Reasoning:** The Tribunal found that the SRA's reliance on litigation recoveries as a reason for

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**Interpretation:** This interprets that the resolution plan should be self-sufficient and not

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**Application:** The Tribunal applied this reasoning to the facts by noting that the SRA had

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** State Bank of…
- **Respondents:** Transparent…; Ashok Dattarey…
- **Advocates:** Subir K…; Disha…; +3 more

## Timeline

- **2018-03-08 — CIRP Commen…**: Corporate Insolvency…
- **2019-07-15 — Appointment of…**: Mr. Nimit Kalsi was appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(4) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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