# In the matter of Vrone Energy Private Limited

> NCLT judgment dated 2024-01-19. Citation: TCN-2024-NCLT-02977. The case pertains to IA(IBC)/1661(CHE)/2023 filed in CP/152/CHE/2021, concerning M/s. Vrone…

- **Court:** NCLT
- **Order date:** 19 Jan 2024
- **Citation:** TCN-2024-NCLT-02977
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vrone-energy-private-limited-f0eda8b6

## Summary

### Background

The case pertains to IA(IBC)/1661(CHE)/2023 filed in CP/152/CHE/2021, concerning M/s. Vrone Energy Private Limited. The Corporate Debtor, M/s. Vrone Energy Private Limited, was admitted into the Corporate Insolvency Resolution Process (CIRP) vide an order dated 13.12.2022. Mr. Rakesh Bothra was appointed as the Interim Resolution Professional. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor with 100% voting during its 3rd CoC Meeting held on 26.04.2023 due to inadequate assets and no prospect of continuing the CIRP. The Applicant/RP submitted FORM-H as per Regulation 39 (4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016.

## Facts

M/s. Vrone Energy Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2022-12-13. Rakesh Bothra was appointed as the Interim Resolution Professional. The Corporate Debtor had no commercial operations, and its sole asset, a car, was sold during the moratorium period. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with 100% voting during its meeting on 2023-04-26, citing inadequate assets and no prospect of resolution. An application under Section 14 was pending adjudication. Other assets included investments in subsidiaries for which documents were not produced by the suspended director. An application under Section 19(2) was also pending against the suspended director. The proposed liquidator, Rakesh Bothra,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Vrone Energy Private Limited, should be liquidated due to …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The CoC, after considering the status of the Corporate Debtor and the lack of any

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**Interpretation:** Section 33 provides the legal basis for liquidation when the CIRP fails to

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**Application:** Given the CoC's decision and the lack of assets or viable resolution prospects,

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Rakesh B…
- **Respondents:** M/s. Vrone Energy…; Punjab National…

## Timeline

- **2022-12-13 — Admission in…**: M/s. Vrone Energy Private Limited was admitted into Corporate Insolvency Resolution…
- **2022-12-16 — Publication of Public…**: Public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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