# In the matter of TBEA Energy (India) Private Limited C.P. No.(IB) 17-9-NCLT-AHM-2018

> NCLT judgment dated 2019-03-01. Citation: TCN-2019-NCLT-04614. Trinity Services (India) Private Limited filed an application under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 1 Mar 2019
- **Citation:** TCN-2019-NCLT-04614
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tbea-energy-india-private-limited-cp-noib-17-9-nclt-ahm-2018-0ca8cba5

## Summary

### Background

Trinity Services (India) Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process against TBEA Energy (India) Private Limited. The applicant claimed that TBEA Energy had defaulted on payments for goods and services provided between January 2012 and January 2014. The applicant alleged that despite part payments, a significant amount remained outstanding, including principal and interest. The respondent, TBEA Energy, argued that the principal amount had been paid during the pendency of the petition and that the claim for interest was not maintainable due to the absence of a specific agreement and discrepancies in the interest rate applied.

## Facts

Trinity Services (India) Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against TBEA Energy (India) Private Limited, a corporate debtor. Trinity Services claimed that TBEA Energy had defaulted on payments for goods and services provided between January 2012 and January 2014. The total claim included a principal amount of Rs. 25,42,163.31 and interest. TBEA Energy made part payments totaling Rs. 1,80,52,711/- during the relevant period. Trinity Services issued a demand notice on October 20, 2017, seeking payment of the outstanding amount with 24% interest. TBEA Energy made payments of Rs. 22,57,434/- on January 11, 2018, and Rs. 3,00,000/- on April 12, 2018, during the pendency of the

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** The Insolvency and Bankruptcy Code aims for resolution, and when the principal debt is

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**Reasoning:** The court reasoned that the primary objective of the IBC is resolution and maximization

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**Interpretation:** The IBC prioritizes resolution and reorganization. A claim for interest alone,

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**Application:** In this case, the principal amount was paid before the effective hearing. The

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Trinity Services…
- **Respondents:** TBEA Energy…

## Timeline

- **2012-01-01 — Supply of Goods and…**: Trinity Services provided goods and services to TBEA Energy between January 2012 and…
- **2014-01-01 — End of Supply…**: The period for the supply of goods…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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