# In the matter of SVARYU ENERGY LIMITED

> NCLT judgment dated 2026-03-09. Citation: TCN-2026-NCLT-00211. Gemscab Industries Limited filed a petition under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Mar 2026
- **Citation:** TCN-2026-NCLT-00211
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/svaryu-energy-limited-f6bc2d3c

## Summary

### Background

Gemscab Industries Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Svaryu Energy Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt.

## Facts

Gemscab Industries Limited, the Operational Creditor, supplied valves and allied products to Svaryu Energy Limited, the Corporate Debtor, based on a purchase order dated 25.01.2023.

Invoices totaling Rs. 2,34,12,054/- were raised between 18.03.2023 and 22.03.2023 for the supplied goods.

The Corporate Debtor made a part payment of Rs. 24,58,872/- on 17.06.2023, acknowledging the debt.

After adjusting the part payment, Rs. 2,09,35,780/- remained due and payable by the Corporate Debtor.

A demand notice dated 27.09.2023 was issued under Section 8 of the IBC, but the Corporate Debtor neither replied nor made payment.

The date of default is stated as 22.03.2023.

The Corporate Debtor failed to appear before the Tribunal despite due service of notice, leading to ex parte proceedings.

…

## Issues and analysis

### Issue 1: Whether the Operational Creditor has established the existence of an operational debt and default …

**Ratio:** Yes, the Tribunal held that the Operational Creditor established the existence of

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**Reasoning:** The Tribunal considered the purchase order, invoices, part payment, demand notice, and

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**Interpretation:** The Tribunal interpreted the evidence to show that the Corporate Debtor owed a

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**Application:** Based on the evidence and the provisions of the IBC, the Tribunal concluded

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Gemscab Industries…; Gemscab Industries…
- **Respondents:** Svaryu Energy…
- **Other parties:** Mahesh Lakshmanada…
- **Advocates:** Leelesh Sun…; Kaviyan…

## Timeline

- **2023-01-25 — Purchase Ord…**: The Corporate Debtor approached the Applicant on 25.01.2023 for the purchase and supply…
- **2023-03-18 — Invoice…**: Various tax invoices were raised between 18.03.2023 and 22.03.2023, aggregating to a…

## 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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