# Perinyx Energy Private Limited vs. Ezon Energy Solutions Private Limited

> NCLT judgment dated 2026-08-11. Citation: TCN-2026-NCLT-00937. Perinyx Energy Private Limited (Financial Creditor) filed a Section 7 petition under the IBC,…

- **Court:** NCLT
- **Order date:** 11 Aug 2026
- **Citation:** TCN-2026-NCLT-00937
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/perinyx-energy-private-limited-vs-ezon-energy-solutions-private-limited-k632j

## Summary

### Background

Perinyx Energy Private Limited (Financial Creditor) filed a Section 7 petition under the IBC, 2016, against Ezon Energy Solutions Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition was based on a financial debt of Rs. 3,55,02,531/- with a default date of 11.06.2021. The debt originated from an inter-corporate deposit of Rs. 2,00,00,000/- made in 2016 for solar power projects, with an agreed interest rate. The Corporate Debtor repeatedly defaulted on repayments, issued dishonoured cheques, and allegedly engaged in fraudulent activities to release a charge. Despite multiple payment schedules and acknowledgments of debt, the Corporate Debtor failed to clear the dues. A settlement offer was made and accepted by

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## Facts

Perinyx Energy Private Limited (Petitioner/Financial Creditor) filed a Section 7 petition under IBC, 2016, against Ezon Energy Solutions Private Limited (Respondent/Corporate Debtor).

The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP).

The financial debt is Rs. 3,55,02,531/-.

The date of default is 11.06.2021.

The petition was filed on 15.04.2024.

In 2016, Dr. S.K. Radhakrishnan, Director of Ezon, approached Perinyx for investment in solar power projects.

A loan agreement dated 22.02.2016 was entered into for an inter-corporate deposit of Rs. 2,00,00,000/- from Perinyx to Ezon, to be returned within four months with 12% interest per annum.

The funds were intended for a work order placed by Axis Bank with Ezon.

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## Issues and analysis

### Issue 1: Whether there is a financial debt and …

**Ratio:** The Tribunal found that a financial debt and default existed based on documentary

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**Reasoning:** The Corporate Debtor received an inter-corporate deposit, issued post-dated cheques, and

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**Interpretation:** The definition of 'default' under Section 3(12) of IBC, 2016, includes

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**Application:** The evidence presented, including the NeSL certificate and the Corporate

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Perinyx Energy…
- **Respondents:** Ezon Energy…
- **Other parties:** S.K. Radhak…; Rajalakshmi…
- **Advocates:** Goutham S…; Nive…

## Timeline

- **2015-07-02 — Incorporation and…**: Ezon Energy Solutions Private Limited was incorporated, and Dr. S.K. Radhakrishnan was…
- **2016-02-22 — Loan Agre…**: A loan agreement was entered into between Perinyx Energy Private Limited and Ezon Energy…

## 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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