The application IA LIQ 47/2025 was filed by State Bank of India under Section 33(3) r/w Section 74(3) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Transparent Energy Systems Pvt. Ltd., and directions against the Respondent for contravention of the Resolution Plan.
State Bank of India filed an application for liquidation of Transparent Energy Systems Pvt. Ltd. due to failure to implement the resolution plan.
The Corporate Debtor was an MSME, and the Respondent, being the Promoter, submitted the Resolution Plan, which was approved by the CoC with 100% votes on 20.11.2020.
The Resolution Plan required the Respondent to pay Rs. 19.72 crores in 6 tranches within 3 years, but the Respondent only paid the first 3 tranches amounting to Rs. 6.92 crores.
The Respondent sought an extension of timelines for payment, which was objected to by the Applicant.
The Tribunal allowed the liquidation application on 04.01.2024, and the Respondent filed an appeal before the Hon'ble NCLAT.
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Company Petit…
Tribunal admitted the Company Petition filed…
The application IA LIQ 47/2025 was filed by State Bank of India under Section 33(3) r/w Section 74(3) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Transparent Energy Systems Pvt. Ltd., and directions against the Respondent for contravention of the Resolution Plan.
State Bank of India filed an application for liquidation of Transparent Energy Systems Pvt. Ltd. due to failure to implement the resolution plan.
The Corporate Debtor was an MSME, and the Respondent, being the Promoter, submitted the Resolution Plan, which was approved by the CoC with 100% votes on 20.11.2020.
The Resolution Plan required the Respondent to pay Rs. 19.72 crores in 6 tranches within 3 years, but the Respondent only paid the first 3 tranches amounting to Rs. 6.92 crores.
The Respondent sought an extension of timelines for payment, which was objected to by the Applicant.
The Tribunal allowed the liquidation application on 04.01.2024, and the Respondent filed an appeal before the Hon'ble NCLAT.
…Company Petit…
Tribunal admitted the Company Petition filed…