# Raychem RPG Pvt. Ltd. vs. Soura Natural Energy Solutions India Pvt. Ltd.

> NCLT judgment dated 2026-07-30. Citation: TCN-2026-NCLT-00754. Raychem RPG Pvt. Ltd. (Operational Creditor) initiated Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 30 Jul 2026
- **Citation:** TCN-2026-NCLT-00754
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/raychem-rpg-pvt-ltd-vs-soura-natural-energy-solutions-india-pvt-ltd-1h7s8

## Summary

### Background

Raychem RPG Pvt. Ltd. (Operational Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against Soura Natural Energy Solutions India Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) for an unpaid operational debt of Rs. 4,22,57,922/-. An earlier Section 9 petition was filed, admitted, and an Interim Resolution Professional (IRP) appointed, but subsequently withdrawn based on a Settlement Deed dated 02.02.2022. The Corporate Debtor failed to adhere to the terms of this settlement, making only partial and irregular payments. The Operational Creditor re-initiated CIRP after issuing a fresh demand notice, citing breach of the settlement deed which included a clause (Clause 9) explicitly reserving the right to

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## Facts

Raychem RPG Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Soura Natural Energy Solutions India Pvt. Ltd. (Corporate Debtor) for alleged default in repayment of operational debt.

The operational debt amounted to Rs. 4,22,57,922/-.

The Operational Creditor supplied goods, including solar panels and inverters, to the Corporate Debtor on a credit basis from April 2018 to May 2019.

The Corporate Debtor failed to make payments for the amounts due under the invoices, resulting in an operational debt.

An earlier application under Section 9 of the Code, CP(IB)/23/KOB/2021, was filed by the Operational Creditor for Rs. 4,42,72,038.61/- (inclusive of interest).

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## Issues and analysis

### Issue 1: Whether the present Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** When a petition is withdrawn based on consent terms that expressly reserve the creditor's

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**Reasoning:** Clause 9 of the Settlement Deed dated 02.02.2022 unequivocally reserved the Operational

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**Interpretation:** The absence of an explicit 'liberty to revive or re-initiate CIRP' in the

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**Application:** Since the Corporate Debtor breached the Settlement Deed and Clause 9 of that

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## Parties

- **Judges:** Shri. Vina…; RAVICHANDRAN…
- **Appellants:** Raychem RPG Pvt.…
- **Respondents:** Soura Natural…
- **Other parties:** C.J. D…
- **Advocates:** Yohaan Limi…; Ebin Ma…

## Timeline

- **2018-04 — Supply of Good…**: Operational Creditor began supplying goods, including solar panels and inverters, to…
- **2019-05 — Supply of Goo…**: Operational Creditor concluded supplying…

## 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)

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