# In the matter of S L S POWER CORPORATION LIMITED

> NCLT judgment dated 2025-04-07. Citation: TCN-2025-NCLT-01010. The application was filed by Indian Renewable Energy Development Agency Limited (Financial…

- **Court:** NCLT
- **Order date:** 7 Apr 2025
- **Citation:** TCN-2025-NCLT-01010
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-amaravati/s-l-s-power-corporation-limited-983065a0

## Summary

### Background

The application was filed by Indian Renewable Energy Development Agency Limited (Financial Creditor/Applicant) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against SLS Power Corporation Limited (Corporate Debtor/Respondent).

## Facts

Indian Renewable Energy Development Agency Limited filed an application under Section 7 of the IBC to initiate CIRP against SLS Power Corporation Limited.

The Financial Creditor claimed a total default amount of Rs. 488,00,78,691/- as of 31.03.2015.

The Corporate Debtor's account was classified as NPA on 31.03.2015.

The Corporate Debtor argued that the petition was barred by limitation.

The Financial Creditor contended that the original date of default was 31.12.2014.

The Corporate Debtor acknowledged the debt in its balance sheets for the years 2016-17, 2017-18, 2018-19, and 2019-20.

A reschedulement letter dated 29.12.2014 was issued by the Financial Creditor, but the Corporate Debtor failed to comply with its terms and conditions.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 …

**Ratio:** The period of limitation gets extended if there is an acknowledgment of the debt by the

…

**Reasoning:** The Corporate Debtor acknowledged the debt in its balance sheets for the years 2016-17,

…

**Interpretation:** Section 18 of the Limitation Act, 1963 allows for the extension of the

…

**Application:** The application was filed on 04.02.2022, which is within the extended period of

…

## Parties

- **Judges:** UMESH KUMAR…; KISHORE VEMULAPALL…
- **Appellants:** Indian Renewable…
- **Respondents:** SLS Power…
- **Other parties:** Amara…; Vishal Ghisulal…; +1 more
- **Advocates:** P. Vi…; K. V Banu…

## Timeline

- **2022-02-04 — Application…**: The instant Application has been filed…
- **2025-04-07 — Order Del…**: Order delivered on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

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-amaravati/s-l-s-power-corporation-limited-983065a0