# In the matter of TRANSPARENT ENERGY SYSTEMS PRIVATE LIMITED

> NCLT judgment dated 2025-10-30. Citation: TCN-2025-NCLT-01545. The application IA LIQ 47/2025 was filed by State Bank of India under Section 33(3) r/w Section…

- **Court:** NCLT
- **Order date:** 30 Oct 2025
- **Citation:** TCN-2025-NCLT-01545
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/transparent-energy-systems-private-limited-fa442586

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Respondent failed to …

**Ratio:** The Respondent failed to adhere to the extended timelines for payment and relied on the

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**Reasoning:** The Respondent's failure to make payments within the extended period and their reliance

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**Interpretation:** The Tribunal interpreted the provisions of the IBC and the terms of the

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**Application:** The Tribunal applied the provisions of the IBC to the facts of the case and

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** State Bank of…; Tractebel…
- **Respondents:** Transparent…; Ashok Dattaray…
- **Other parties:** Ajit…; Vijendra Kumar…; +3 more
- **Advocates:** Nisha…; Harshal…; +5 more

## Timeline

- **2018-N/A — Company Petiti…**: Company Petition No.…
- **2019-03-08 — Company Petition…**: Tribunal admitted the Company Petition filed by Tractebel Engineering Pvt. Ltd. under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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