# In the matter of PARAM RENEWABLE ENERGY PRIVATE LIMITED

> NCLT judgment dated 2026-04-21. Citation: TCN-2026-NCLT-00404. ICICI Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 21 Apr 2026
- **Citation:** TCN-2026-NCLT-00404
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/param-renewable-energy-private-limited-p5x33

## Summary

### Background

ICICI Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Param Renewable Energy Private Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of financial debt amounting to Rs. 15,24,46,795.47/-.

## Facts

ICICI Bank Limited sanctioned credit facilities to Param Renewable Energy Private Limited aggregating to Rs. 30,00,00,000/-.

Param Renewable Energy Private Limited defaulted in repayment of the financial debt.

The date of default is recorded as 31.05.2025 as per the Information Utility.

The total outstanding amount as of 02.02.2026 was Rs. 15,24,46,795.47/-.

ICICI Bank Limited filed a petition under Section 7 of the IBC, 2016, for initiation of CIRP.

The Corporate Debtor raised objections regarding the date of default, the validity of the application, and the admissibility of electronic records.

The Adjudicating Authority admitted the petition and initiated CIRP.

## Issues and analysis

### Issue 1: Whether the Financial Creditor has established the existence of a financial debt and default as …

**Ratio:** Section 7 of the IBC, 2016, requires the Adjudicating Authority to determine the

…

**Reasoning:** The Financial Creditor provided facility agreements, security documents, and a record of

…

**Interpretation:** The Adjudicating Authority interpreted Section 7 to mean that if the existence

…

**Application:** The Adjudicating Authority applied Section 7 and found that the Financial

…

## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** ICICI Bank…
- **Respondents:** Param Renewable…; Param Renewable…
- **Other parties:** Gaurav Pu…; Khushvinder…
- **Advocates:** Hem B…; Rahul Ka…; +1 more

## Timeline

- **09.02.2026 — Filing of Company…**: ICICI Bank Limited filed the Company…
- **31.05.2025 — Date of D…**: The date of default is recorded as…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-ahmedabad/param-renewable-energy-private-limited-p5x33