# In the matter of Usher Eco Power Ltd.

> NCLT judgment dated 2024-03-12. Citation: TCN-2024-NCLT-02076. The case involves the Corporate Insolvency Resolution Process (CIRP) of Usher Eco Power Ltd.…

- **Court:** NCLT
- **Order date:** 12 Mar 2024
- **Citation:** TCN-2024-NCLT-02076
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/usher-eco-power-ltd-dd75f38d

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of Usher Eco Power Ltd. initiated by the National Company Law Tribunal (NCLT) Mumbai Bench. An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the appointment of an Interim Resolution Professional (IRP). The Committee of Creditors (CoC) resolved to liquidate the assets of the company after no resolution plan was received. The applicant sought liquidation of the Corporate Debtor.

## Facts

Reliance Commercial Financial Ltd initiated CIRP against Usher Eco Power Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 27.06.2022 following the admission of a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) held its first meeting on 26.07.2022. The 5th CoC meeting on 02.02.2023 resulted in a resolution to liquidate the company with 71.13% approval. The liquidation cost of Rs. 70,31,500/- was approved by the CoC. Form G was published on 10.09.2022 to invite expressions of interest, resulting in 14 prospective resolution applicants. The last date for submitting a resolution plan was 09.11.2022, but no plan was received. The

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Usher Eco Power Ltd., should be liquidated due to the absence of a …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC) allows the Adjudicating Authority

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**Reasoning:** The court reasoned that since no resolution plan was received and the CoC had resolved to

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the corporate insolvency

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**Application:** The ratio and reasoning were applied to the facts of the case, where no

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Reliance Commercia…
- **Respondents:** Usher Eco Power…

## Timeline

- **2022-06-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for Usher Eco Power Ltd.…
- **2022-07-26 — First CoC M…**: The first meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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