# In the matter of Pioneer Gas Power Ltd.

> NCLT judgment dated 2024-02-08. Citation: TCN-2024-NCLT-02696. The document pertains to an order regarding IA(IBC)/327/2024 and IA(IBC)/328/2024 in Company…

- **Court:** NCLT
- **Order date:** 8 Feb 2024
- **Citation:** TCN-2024-NCLT-02696
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pioneer-gas-power-ltd-6fda1710

## Summary

### Background

The document pertains to an order regarding IA(IBC)/327/2024 and IA(IBC)/328/2024 in Company Petition IB/164/2021 involving Pioneer Gas Power Ltd. The application was moved for urgent listing of IA(IBC)328/2024, which was taken up, allowed, and disposed of. The order addresses the inadvertent omission of a direction regarding the moratorium under Section 13 of the IBC, following the admission of the application under Section 7 of the IBC. The order clarifies that the moratorium is mandatory and includes specific directions to prohibit actions against the Corporate Debtor.

## Facts

Pioneer Gas Power Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP) under the IBC, initiated through Company Petition IB/164/2021. IFCI Ltd. is the petitioner. An application under Section 7 of the IBC has been admitted. The court had previously passed an order on 2024-01-12, but it inadvertently omitted a direction regarding the mandatory moratorium under Section 13 of the IBC. The present order addresses this omission by including specific prohibitions against actions that could harm the Corporate Debtor's assets or operations during the CIRP. The moratorium aims to protect the Corporate Debtor from legal actions and asset stripping, ensuring a fair opportunity for resolution.

## Issues and analysis

### Issue 1: Whether the omission of the moratorium direction in the initial order dated 2024-01-12 constitutes …

**Ratio:** The principle is that a court has the inherent power to correct errors or omissions in

…

**Reasoning:** The court reasoned that the omission was inadvertent and that the moratorium is a

…

**Interpretation:** The interpretation is that the court's power to correct errors extends to

…

**Application:** The ratio and reasoning are applied to the specific facts by adding direction

…

## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** IFCI…
- **Respondents:** Pioneer Gas Power…
- **Advocates:** Mr.V.V.S.…; Srkanth…; +2 more

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition…
- **2024-01-12 — Initial…**: Initial order passed, but moratorium…

## 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)

---

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/pioneer-gas-power-ltd-6fda1710