# In the matter of PANDURANGA ENERGY SYSTEMS PRIVATE LIMITED

> NCLT judgment dated 2026-02-05. Citation: TCN-2026-NCLT-00114. Union Bank of India filed a Company Petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Feb 2026
- **Citation:** TCN-2026-NCLT-00114
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/panduranga-energy-systems-private-limited-309405de

## Summary

### Background

Union Bank of India filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Panduranga Energy System Private Limited, citing default on financial debt.

## Facts

The Corporate Debtor, Panduranga Energy System Private Limited, was incorporated on 20.01.2010.

The Corporate Debtor approached the Financial Creditor, Union Bank of India, in 2010 for credit facilities to implement a power project.

The Financial Creditor sanctioned various term loans, bank guarantees, and trade credits to the Corporate Debtor.

The Corporate Debtor's project faced delays and cost escalations, leading to restructuring efforts and additional loan facilities.

The Corporate Debtor's loan account was classified as Non-Performing Asset (NPA) on 30.04.2014.

The Financial Creditor initiated recovery proceedings under the SARFAESI Act, 2002.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** Article 137 of the Limitation Act, 1963, provides a limitation period of three years from

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**Reasoning:** The loan account was classified as NPA on 28.02.2018. The Hon'ble Supreme Court directed

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**Interpretation:** Section 18 of the Limitation Act, 1963, provides that a valid acknowledgement

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**Application:** The NCLT concluded that the application was within the limitation period due to

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Union Bank of…
- **Respondents:** Panduranga Energy…; Panduranga Energy…
- **Other parties:** Andhra…; Allahabad…; +3 more
- **Advocates:** G.P. Yash V…; Siva Pran…; +4 more

## Timeline

- **2010-01-20 — Incorpor…**: Panduranga Energy Systems…
- **2010 — Loan Appli…**: Corporate Debtor approached Union…

## 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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