# In the matter of ASB ENERGY SYSTEMS AND CONSTRUCTION PRIVATE LIMITED

> NCLT judgment dated 2025-10-15. Citation: TCN-2025-NCLT-01507. Daga Power Systems & Engineers Private Limited filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 15 Oct 2025
- **Citation:** TCN-2025-NCLT-01507
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/asb-energy-systems-and-construction-private-limited-a87f8489

## Summary

### Background

Daga Power Systems & Engineers Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ASB Energy Systems and Construction Private Limited, claiming a default of Rs. 3,19,92,738/- along with interest.

## Facts

Daga Power Systems & Engineers Private Limited (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against ASB Energy Systems and Construction Private Limited (Corporate Debtor).

The Operational Creditor claimed a default of Rs. 3,19,92,738/- along with interest.

The Corporate Debtor was incorporated on 05.08.2019 and engaged in providing turnkey solutions for power generation plants.

The Corporate Debtor had earlier been carrying on business as a partnership firm under the name M/s. S.B. Electro Structural.

The Operational Creditor and M/s. S.B. Electro Structural entered into a Joint Venture Agreement dated 15.02.2018.

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## Issues and analysis

### Issue 1: Whether there exists an …

**Ratio:** The scheme of the Code is to ensure that when a default takes place, in the sense that a

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**Reasoning:** The Corporate Debtor acknowledged its liability towards the Operational Creditor in its

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**Interpretation:** The existence of debt and

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**Application:** The Adjudicating Authority determined that an operational debt existed and the

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## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** DAGA POWER…
- **Respondents:** ASB Energy…
- **Other parties:** Chittaranja…
- **Advocates:** Shovan…

## Timeline

- **2018-02-15 — Joint Venture…**: The Operational Creditor and M/s. S.B. Electro Structural entered into a Joint Venture…
- **2018-08-20 — Work Ord…**: The Operational Creditor and the Corporate Debtor jointly submitted a bid before Orissa…

## 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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