# In the matter of Green Elephant India Private Limited CP (IB) No.609-MB-IV-2021

> NCLT judgment dated 2023-02-17. Citation: TCN-2023-NCLT-04544. The case involves an application filed by Indian Renewable Energy Development Agency Limited…

- **Court:** NCLT
- **Order date:** 17 Feb 2023
- **Citation:** TCN-2023-NCLT-04544
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/green-elephant-india-private-limited-cp-ib-no609-mb-iv-2021-1cf02ad2

## Summary

### Background

The case involves an application filed by Indian Renewable Energy Development Agency Limited (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Green Elephant India Private Limited (Corporate Debtor). The Financial Creditor claims a total default of Rs. 11,40,97,470 as of 31.12.2020. The Corporate Debtor did not file a reply despite multiple opportunities.

## Facts

Indian Renewable Energy Development Agency Limited (Financial Creditor) filed an application under Section 7 of the I&B Code to initiate CIRP against Green Elephant India Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs. 11,40,97,470 as of 31.12.2020. The Date of NPA is stated to be 01.04.2018. The Financial Creditor had granted a Term Loan of Rs. 5,41,00,000 on 29.09.2010 and another Term Loan of Rs. 8,10,00,000 on 26.07.2013. The Corporate Debtor agreed to pay interest at 12.25% for Project No. 1910 and 13.50% for Project No. 2028. The Corporate Debtor failed to file a reply despite multiple opportunities. The Corporate Debtor appeared on 04.05.2022 and admitted the debt and default. A notice dated 21.01.2019 was issued under

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the I&B Code is …

**Ratio:** Section 7 of the I&B Code allows a financial creditor to initiate CIRP against a

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**Reasoning:** The Bench perused the material on record and found that the Petition under section 7

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**Interpretation:** Section 7 of the I&B Code provides the mechanism for a financial creditor

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**Application:** The court found that the application was complete and in the proper form,

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Indian Renewable…
- **Respondents:** Green Elephant…

## Timeline

- **2010-09-29 — Term Loan G…**: Financial Creditor granted Term Loan of…
- **2013-07-26 — Term Loan G…**: Financial Creditor granted Term Loan of…

## 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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