# in the matter of Nanda Energy Ltd. TCP-428-IB-CB-2017

> NCLT judgment dated 2017-07-31. Citation: TCN-2017-NCLT-00680. Vituous Urja Limited filed a company petition against Nanda Energy Limited under Section 433…

- **Court:** NCLT
- **Order date:** 31 Jul 2017
- **Citation:** TCN-2017-NCLT-00680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nanda-energy-ltd-tcp-428-ib-cb-2017-ac2bc30d

## Summary

### Background

Vituous Urja Limited filed a company petition against Nanda Energy Limited under Section 433 (e) and (f), 434 (i) (a) and 439 (i) (b) of the Companies Act, 1956, which was transferred from the Madras High Court to the National Company Law Tribunal (NCLT). The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Nanda Energy Limited due to unpaid dues for the supply of coal. Vituous Urja Limited claimed that Nanda Energy Limited failed to pay Rs. 1,22,86,751/- out of a total consolidated sum of Rs. 2,70,36,751/- for the coal supplied.

## Facts

Vituous Urja Limited (the Petitioner/Operational Creditor) is engaged in the business of importing and trading steam coal and coal products. Nanda Energy Limited (the Respondent/Corporate Debtor) is engaged in the business of generating, buying, selling, and dealing in electric power. In 2011, Nanda Energy Limited placed two purchase orders (Nos. 202 and 204) with Vituous Urja Limited for the supply of 5000 MT and 3000 MT of imported streaming coal, respectively. Vituous Urja Limited raised invoices for a consolidated sum of Rs. 2,70,36,751/-, but only received Rs. 1,47,50,000/-, leaving an unpaid amount of Rs. 1,22,86,751/-. Payments were made by Nanda Energy Limited and Clenergen India Private Limited on behalf of Nanda Energy Limited. Vituous Urja Limited received a

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## Issues and analysis

### Issue 1: Whether the petition filed by Vituous Urja Limited is maintainable under the Insolvency and …

**Ratio:** Section 9(3)(b) & (c) of the I&B Code, 2016, stipulates the requirements for an

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**Reasoning:** The court reasoned that Vituous Urja Limited had complied with all the requirements under

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**Interpretation:** This section of the I&B Code outlines the conditions that an operational

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**Application:** In this case, the court found that Vituous Urja Limited had met these

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## Parties

- **Judges:** K. Anantha…
- **Appellants:** Vituous Urja…
- **Respondents:** Nanda Energy…

## Timeline

- **2010-06-18 — Agreement between Respondent and Clenergen…**: An agreement was entered between Nanda Energy Limited and M/s. Clenergen India Private…
- **2010-10-01 — Lease/Agreemen…**: Clenergen India Private Limited operated the Bio Mass Plant from Nanda Energy Limited on…

## Legal provisions

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

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