# In the matter of PALCHAN BHANG POWER PRIVATE LIMITED

> NCLT judgment dated 2025-08-05. Citation: TCN-2025-NCLT-01174. The case involves a petition filed by Ashirwad Agarwal, Sreedhar Ramakrishnan, and Gurpartap…

- **Court:** NCLT
- **Order date:** 5 Aug 2025
- **Citation:** TCN-2025-NCLT-01174
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/palchan-bhang-power-private-limited-8c6ab132

## Summary

### Background

The case involves a petition filed by Ashirwad Agarwal, Sreedhar Ramakrishnan, and Gurpartap Singh Mann under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Palchan Bhang Power Private Limited.

## Facts

Ashirwad Agarwal, Sreedhar Ramakrishnan, and Gurpartap Singh Mann filed a petition under Section 7 of the IBC to initiate CIRP against Palchan Bhang Power Private Limited.

The application was filed on 19.11.2024, claiming a default of Rs.10,62,76,628/- as of 03.05.2021 and subsequently on 22.07.2024, 08.08.2024 and 28.09.2024.

The Government of Himachal Pradesh allotted the Palchan Bhang Hydro Electric Project to M/s SSJV Projects Pvt. Ltd. for implementation on a Build Own Transfer (BOOT) basis.

The Corporate Debtor was incorporated on 22.02.2011, with promoters including Sreedhar Ramakrishnan, Ashirwad Agarwal, Paramjit Singh, and Gurpartap Singh Mann.

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## Issues and analysis

### Issue 1: Whether the petition is filed …

**Ratio:** The petition was filed within

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**Reasoning:** The initial default occurred on 03.05.2021, marking the end of the 10-year period.

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**Interpretation:** The Adjudicating Authority interpreted the relevant dates and the Supreme

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**Application:** The Adjudicating Authority applied the principles of limitation and the Supreme

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## Parties

- **Judges:** Harnam Singh…; SHISHIR A…
- **Appellants:** Ashirwad A…; Sreedhar Ramakrish…; +3 more
- **Respondents:** Palchan Bhang…
- **Other parties:** Chamandeep Singh…; Dalbir Singh…; +2 more
- **Advocates:** Ramanjit…; Amit Jh…; +1 more

## Timeline

- **2024-11-19 — Filing D…**: The present application was filed on…
- **2025-08-05 — Judgment De…**: Judgment delivered on 05.08.2025,…

## 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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