# In the matter of Indrajit Power Private Limited

> NCLT judgment dated 2024-02-01. Citation: TCN-2024-NCLT-02815. This case involves a petition filed by Yes Bank Limited, the Financial Creditor, under Section…

- **Court:** NCLT
- **Order date:** 1 Feb 2024
- **Citation:** TCN-2024-NCLT-02815
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indrajit-power-private-limited-9cb43c99

## Summary

### Background

This case involves a petition filed by Yes Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indrajit Power Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's default in repayment of loan facilities. The Financial Creditor claims a total amount of INR 3,31,41,16,590/- as of 22.05.2023, including outstanding principal and interest. The Corporate Debtor is a private company incorporated in 1994. The date of default is specified as 14.10.2021 for Term Loans 1 & 2 and FITL Facility, and 21.11.2021 for the WC Facility.

## Facts

Indrajit Power Private Limited (Corporate Debtor) approached Yes Bank Limited (Financial Creditor) in 2016 for financial assistance, resulting in two term loan facilities: Term Loan I for INR 90 Crores and Term Loan II for INR 185 Crores, sanctioned on 27.06.2016. The loan agreement was executed on 14.09.2016. The amount under Term Loan I was revised to INR 89.10 crores and Term Loan II to INR 183.25 crores. The loan facilities were secured by various assets, including movable and immovable properties, receivables, and guarantees. The Corporate Debtor defaulted on payments, with the date of default being 14.10.2021 for Term Loans 1 & 2 and FITL Facility, and 21.11.2021 for the WC Facility. The Financial Creditor issued a loan recall notice on 13.05.2022 for an

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 7 of the IBC is complete and …

**Ratio:** The adjudicating authority is bound to admit the petition as soon as a 'debt' and

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**Reasoning:** The Tribunal found that the application made by the Financial Creditor was complete in

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

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**Application:** The Tribunal determined that the Financial Creditor's application was complete

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Yes Bank L…
- **Respondents:** Indrajit Power…

## Timeline

- **1994-09-20 — Incorporation of…**: Indrajit Power Private Limited…
- **2016-06-27 — Sanction of Loan…**: Yes Bank Limited sanctioned Term Loan I and Term Loan II to Indrajit Power Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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