# In the matter of MATRIX GAS AND RENEWABLES LIMITED

> NCLT judgment dated 2026-02-11. Citation: TCN-2026-NCLT-00139. ICICI Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Feb 2026
- **Citation:** TCN-2026-NCLT-00139
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/matrix-gas-and-renewables-limited-a4115d77

## Summary

### Background

ICICI Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Matrix Gas and Renewables Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of financial debt.

## Facts

ICICI Bank Limited sanctioned working capital facilities to Matrix Gas and Renewables Limited vide Credit Arrangement Letter dated 30.03.2023 for an aggregate amount of Rs.30,00,00,000, which was accepted by the Corporate Debtor.

The Corporate Debtor executed the Working Capital Facility Agreement dated 07.04.2023 along with Deed of Hypothecation, Deeds of Personal Guarantee and other transaction documents in favour of the Applicant.

The sanctioned limits and terms of the financial debt were revised from time to time and enhanced to Rs.50,00,00,000/- through Amendatory and Renewal Credit Arrangement Letters.

The overdraft account of the Corporate Debtor was marked 'Out of Order' on 18.04.2025, followed by failure to meet payment obligations under the sanctioned facilities.

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## Issues and analysis

### Issue 1: Whether the Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** The Adjudicating Authority is required to admit the petition if a financial debt exists,

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**Reasoning:** The Tribunal found that the Applicant had established the existence of a financial debt

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**Interpretation:** The jurisdiction of the Tribunal under Section 7 is limited to examining

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**Application:** The Tribunal admitted the petition as it was satisfied that a financial debt

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** ICICI Bank…
- **Respondents:** Matrix Gas and…
- **Other parties:** Minerva Resolution…
- **Advocates:** Hem B…; Rahul Ka…

## Timeline

- **2023-03-30 — Credit Arrangement…**: ICICI Bank Limited sanctioned working capital facilities to Matrix Gas and Renewables…
- **2023-04-07 — Working Capital…**: The Corporate Debtor executed the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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