IN THE NATIONAL COMPANY LAW TRIBUNAL,

DIVISION BENCH – II, CHENNAI

IA(IBC)/.837(CHE)/2024

IN

IA(IBC)/419(CHE)/2024

IN

CP(IB)/106(CHE)/2021

(Filed under Section 60(5) of Insolvency And Bankruptcy Code, 2016 Read with Rule

11 of the National Company Law Tribunal Rules, 2016)

IN THE MATTER OF

Park Energy Private Limited

Through its Authorised Representative Mr. Hari Chaudhary,

No.63, Govind Nivas, Balaji Nagar,

Mehta Venue, Padikuppam Road,

Anna Nagar West, Chennai, Tamil Nadu - 600 040.

… Applicant/Intervener

--versus-

1. Jindal Power Limited,

through its Authorised Signatory Mr. B. Ramkumar,

Prince Tower, 5th Floor,

Unit No.25 & 26, College Road,

Nungambakkam, Chennai - 600 006. …Respondent No.1.

2. Mr. Hitesh Goel,

Resolution Professional of Bhadreshwar Vidyut Private Limited,

IP Registration No. IBBI/IPA-001/IP-P-01405/2018-2019/12224

New No. 16, Old No.41,

Ground Floor, Thomas Nagar,

Little Mount, Saidapet, Chennai,

Tamil Nadu - 600 015. …Respondent No.2.

Through REC Ltd,

Core 4, SCOPE Complex, 7, Lodhi Road,

New Delhi - 110 003. …Respondent No.3

CORAM:

Shri. JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL)

Shri. RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Present:

For Applicant Aditya Sarangarajan Mr. A.K. Samy For Respondent No.1. Shweta Dubey, Ms.Kanishka Prasad For Respondent No.2. : Dwarakesh Prabhakaran & Sandeep Bagmar.R.

For Respondent No.3 . Mr. Arva Merchant,. Siddharth Srivastava, Advocates.

IA(IBC)/837/2024

1. This application is filed by applicant Park energy private limited who is the shareholder owing upto 14.52% of shareholding of the corporate debtor Bhadreshwar Vidhyut Private limited seeking the following relief , a) Pass appropriate order(s) / direction(s) allowing the Applicant to intervene and be impleaded in IA No. 419 of 2024;

b) Dismiss IA No. 419 of 2024 filed by the 1st Respondent herein as devoid of any merits and consequently, direct the 2nd Respondent herein to restart the corporate insolvency resolution process from inviting Expression of Interest from prospective resolution applicants in accordance with the Code and the relevant regulations;

2. The applicant submits that entire CIRP process needs to be reheard before passing any orders validating or rejecting the 3rd challenge process and the applicant will suffer a direct bearing on the approval or rejection of the plan submitted, it is submitted that intervener has challenge the order dated 18.10.2022 in which the Corporate debtor was admitted to CIRP in Appeal (AT) (CH)(INS)no 62/2023 the Hon’ble NCLAT had raised the contention of maintainability of the appeal based on the ground that appellant being a minor shareholder has no locus to prefer the appeal. It is submitted that the question involving the maintainability is pending before the larger bench.

3. It is submitted that in the absence of the necessary party the applicant shareholder and promoter of the corporate debtor cannot arrive at the valuation for the revival of the corporate debtor.

4. The respondent no 2 has submitted that minority shareholder of the corporate debtor has no ,locus to file the application and is not maintainable in law, and the code doesn’t recognise the right of the shareholder to file this application.

5. Respondent no 3 in its counter submitted that the shareholder has no legal standing to prefer the application, and the applicant is not a necessary nor a proper party to the application, and the pendency of appeal preferred by the applicant against the CIRP is not a ground of intervention in the proceedings.

FINDINGS OF THIS TRIBUNAL

6. We have heard to counsels and perused the document on record

7. This application is filed by the minority shareholder Park energy private limited who is the shareholder owing up to 14.52% of the shareholding of the corporate debtor, seeking relief for intervening in IA(IBC)/419/2024 and to dismiss IA(IBC)/419/2024 and to restart the corporate insolvency resolution process from inviting Expression of Interest from prospective resolution applicants in accordance with the Code and the