# In the matter of Infinitas Energy Solutions Pvt. Ltd. CP-558-(IB)-CB-2017

> NCLT judgment dated 2017-09-18. Citation: TCN-2017-NCLT-00399. The case involves a Company Petition filed by Indian Bank (Financial Creditor) against M/s.…

- **Court:** NCLT
- **Order date:** 18 Sept 2017
- **Citation:** TCN-2017-NCLT-00399
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/infinitas-energy-solutions-pvt-ltd-cp-558-ib-cb-2017-6f00e181

## Summary

### Background

The case involves a Company Petition filed by Indian Bank (Financial Creditor) against M/s. Infinitas Energy Solutions Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Indian Bank, a nationalized bank, claimed that Infinitas Energy Solutions, a private unlimited company in the renewable energy sector, defaulted on loan repayments. The bank had issued sanction letters for OCC and LC facilities. The corporate debtor's name was previously Trishe Renewable Energy Solutions P. Ltd. The petitioner bank approached the NCLT after the corporate debtor was unable to pay its financial debt.

## Facts

Indian Bank, a nationalized bank, filed a company petition against Infinitas Energy Solutions Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Infinitas Energy Solutions, previously known as Trishe Renewable Energy Solutions P. Ltd., is a private unlimited company in the renewable energy sector. Indian Bank had sanctioned OCC facilities of Rs. 1500 Lakhs and LC limits of Rs. 2500 Lakhs to Infinitas Energy Solutions. The respondent executed loan documents, including promissory notes and agreements of guarantee, on 23.07.2013. Sanctioned amounts were disbursed on 24.07.2013 and subsequent dates. Guarantors deposited title documents as collateral security. The corporate debtor acknowledged a debt of Rs. 18,70,45,042.04/- in OCC Account and Rs.

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## Issues and analysis

### Issue 1: Whether the petition under Section 7 of the IBC, 2016 is maintainable given the prior application …

**Ratio:** The principle that the IBC, 2016, prevails over other laws, including the SARFAESI Act,

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**Reasoning:** The NCLT reasoned that if concurrent proceedings before the DRT and NCLT were considered

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**Interpretation:** The interpretation is that the IBC, 2016, is a special law designed for

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**Application:** The NCLT applied this principle by holding that the prior application under the

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## Parties

- **Judges:** K. Anantha…
- **Appellants:** Indian…
- **Respondents:** Infinitas Energy…; M/s. Infinitas…

## Timeline

- **2013-06-14 — Sanction Lette…**: Indian Bank issued sanction letters to Infinitas Energy Solutions Pvt. Ltd. for OCC…
- **2013-07-23 — Sanction Lette…**: Indian Bank issued sanction letters to Infinitas…

## 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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