# In the matter of Lakshmi Transcon Private Limited

> NCLT judgment dated 2024-02-21. Citation: TCN-2024-NCLT-02494. The case involves IA(IBC) 1989/2023 in CP(IB) No. 189/9/HDB/2021, concerning Arvensis Energy…

- **Court:** NCLT
- **Order date:** 21 Feb 2024
- **Citation:** TCN-2024-NCLT-02494
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lakshmi-transcon-private-limited-19eea6ae

## Summary

### Background

The case involves IA(IBC) 1989/2023 in CP(IB) No. 189/9/HDB/2021, concerning Arvensis Energy Private Limited (Operational Creditor) versus Lakshmi Transcon Private Limited (Corporate Debtor). The matter was heard in the National Company Law Tribunal, Hyderabad Bench – 1, in VC and Physical (Hybrid) Mode. The SRA (Successful Resolution Applicant) has not complied with payment terms despite an extension. The court is addressing the lack of compliance and a reported payment of Rupees One Crore by a financial creditor, which was not reported to the Tribunal.

## Facts

Arvensis Energy Private Limited initiated proceedings against Lakshmi Transcon Private Limited under Section 9 of the IBC, 2016. The SRA failed to comply with the payment terms of the approved resolution plan, even after receiving an extension. A financial creditor reported a payment of Rupees One Crore made by the Corporate Debtor, but this payment was not disclosed to the Tribunal during the pendency of the liquidation application. The court is concerned about the lack of compliance by the SRA and the failure of the financial creditors to inform the Tribunal about the payment.

## Issues and analysis

### Issue 1: Whether the SRA has complied with the payment …

**Ratio:** The principle of adherence to contractual obligations and the terms of a resolution plan

…

**Reasoning:** The court notes that the SRA has admittedly not complied with the payment terms, despite

…

**Interpretation:** The legal issue concerns the interpretation and enforcement of the terms of a

…

**Application:** The ratio applies directly to the facts, as the SRA's failure to make payments

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Arvensis Energy…
- **Respondents:** Lakshmi Transcon…
- **Advocates:** Mano Ra…; Venkat Narsinga…; +1 more

## Timeline

- **2024-02-16 — Matter Pass…**: Matter was passed over till 3:00 PM with a direction to the SRA to report the payment…
- **2024-02-20 — Case Posted fo…**: Compliance not reported and the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lakshmi-transcon-private-limited-19eea6ae