# In the matter of Indian Renewable Energy Development Agency Limited (IREDA) Vs. Mr. T.S.N. Raja CA (AT) (Ins) 899 of 2019

> NCLAT judgment dated 2020-02-03. Citation: TCN-2020-NCLAT-00467. Indian Renewable Energy Development Agency Limited (IREDA) filed an appeal against an order…

- **Court:** NCLAT
- **Order date:** 3 Feb 2020
- **Citation:** TCN-2020-NCLAT-00467
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/indian-renewable-energy-development-agency-limited-ireda-vs-mr-tsn-raja-ca-1a849208

## Summary

### Background

Indian Renewable Energy Development Agency Limited (IREDA) filed an appeal against an order dated 17th July, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad. The appellant had filed I.A. No.208 of 2019 because the Resolution Professional rejected the claim of the Appellant by sending e-mail dated 3rd February, 2019. The Appellant had moved the Adjudicating Authority for relief under Section 60(5) of IBC, but the Adjudicating Authority dismissed the Application upholding the order conveyed by the Resolution Professional. The appellant extended a term loan of Rs.65 crores to Orissa Power Consortium Limited (OPCL) on 18th November, 2015. Against the loan, the Corporate Debtor, M/s VBC Industries Limited, created a

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## Facts

Indian Renewable Energy Development Agency Limited (IREDA) extended a term loan of Rs.65 crores to Orissa Power Consortium Limited (OPCL) on November 18, 2015. M/s VBC Industries Limited, the Corporate Debtor, created a charge in favor of IREDA by mortgaging its property. CIRP proceedings were initiated against VBC Industries Limited. IREDA moved the Resolution Professional with a claim for the money yet to be recovered from OPCL. The Resolution Professional rejected IREDA's claim because OPCL had not defaulted in payment of installments. IREDA filed I.A. No.208 of 2019 because the Resolution Professional rejected the claim of the Appellant by sending e-mail dated 3rd February, 2019. The Adjudicating Authority dismissed the Application upholding the order conveyed by

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## Issues and analysis

### Issue 1: Whether the Resolution Professional was correct in rejecting the claim of the Appellant, given that …

**Ratio:** Section 3(6) of the IBC defines 'claims' as a right to payment or remedy for breach of

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**Reasoning:** The Resolution Professional argued that since OPCL had not defaulted, no claim had arisen

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**Interpretation:** The court interpreted Section 3(6) of the IBC to determine whether a claim

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**Application:** The court found that the Appellant had a contingent right, even though OPCL had

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## Parties

- **Judges:** A.I.S. C…; Anant Bijay…; +2 more
- **Appellants:** Indian Renewable…
- **Respondents:** M/s VBC Industries…; T.S.N.…
- **Advocates:** Varsha Ba…; Kunal God…; +2 more

## Timeline

- **2015-11-18 — Loan Ext…**: Indian Renewable Energy Development Agency Limited (IREDA) extended a term loan of Rs.65…
- **2019-02-03 — Claim Rej…**: The Resolution Professional rejected the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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