# In the matter of Epower Energy (India) Private Limited CP (IB) No. 364-9-HDB-2018

> NCLT judgment dated 2019-07-12. Citation: TCN-2019-NCLT-02546. The case involves a Company Petition filed by Keshan Trading Corporation (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 12 Jul 2019
- **Citation:** TCN-2019-NCLT-02546
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/epower-energy-india-private-limited-cp-ib-no-364-9-hdb-2018-18c9c7a2

## Summary

### Background

The case involves a Company Petition filed by Keshan Trading Corporation (Operational Creditor) against E-Power Energy (India) Private Limited (Corporate Debtor) under Section 9 of the IB Code, 2016. The Operational Creditor claimed that the Corporate Debtor failed to pay for goods supplied on credit. Both parties had a business relationship since 2015, and a Memorandum of Understanding was entered on 24.02.2017. The Corporate Debtor initially made payments with delays but later defaulted, leading to the Operational Creditor sending a statement of account on 30.09.2017 for Rs. 4,02,50,377/-. The Corporate Debtor confirmed and accepted the amount and promised to pay Rs. 2,00,00,000/- within 30 days from 18.09.2017 and the balance within 30 days thereafter. The Corporate

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## Facts

Keshan Trading Corporation (Operational Creditor) filed a Company Petition against E-Power Energy (India) Private Limited (Corporate Debtor) under Section 9 of the IB Code, 2016, for non-payment of dues. The Operational Creditor supplied goods on credit to the Corporate Debtor, with business relations dating back to 2015. A Memorandum of Understanding was entered on 24.02.2017. Initially, payments were made with delays, but the Corporate Debtor later defaulted. A statement of account was sent on 30.09.2017 for Rs. 4,02,50,377/-, which the Corporate Debtor confirmed. The Corporate Debtor promised to pay Rs. 2,00,00,000/- within 30 days from 18.09.2017 and the balance within 30 days thereafter. The Corporate Debtor requested the Operational Creditor to collect MS Pipes

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IB Code, 2016 is maintainable for initiation of …

**Ratio:** The court relied on the judgment of Hon'ble NCLT, Mumbai Bench in the matter of Bell

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**Reasoning:** The court found that the Corporate Debtor had failed to make payments to the Operational

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**Interpretation:** Section 9 of the IB Code, 2016 allows an operational creditor to initiate CIRP

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**Application:** The court applied the ratio by determining that a default existed based on the

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## Parties

- **Judges:** K. Anantha…
- **Appellants:** Keshan Trading…
- **Respondents:** E-Power Energy…

## Timeline

- **2015-01-01 — Business Rela…**: Keshan Trading Corporation and E-Power Energy (India) Private Limited had a business…
- **2017-02-24 — Memorandum of…**: A Memorandum of Understanding was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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