# In the matter of Adhar Project Management & Consultancy Private Limited

> NCLT judgment dated 2025-09-17. Citation: TCN-2025-NCLT-01402. Rosa Power Supply Company Limited, the Financial Creditor, filed a petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 17 Sept 2025
- **Citation:** TCN-2025-NCLT-01402
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/adhar-project-management-amp-consultancy-private-limited-b573a797

## Summary

### Background

Rosa Power Supply Company Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Adhar Project Management and Consultancy Private Limited, the Corporate Debtor, due to default on Inter Corporate Deposits (ICD).

## Facts

The Corporate Debtor availed financial assistance through Inter Corporate Deposits (ICD) from Reliance Power Limited, the Original Lender, vide Term Sheet dated 30.04.2019.

The 'repayment schedule' of the ICD was extended for an additional period of 360 days from the date of execution of Supplementary Term Sheet dated 24.04.2020.

The Original Lender issued a Demand Notice on 01.03.2022, calling upon the Corporate Debtor to repay Rs. 69,35,30,822/-.

The Original Lender transferred and assigned its right, title, and interest in the receivables of the Corporate Debtor to Rosa Power Supply Company Limited vide Assignment Agreement dated 06.02.2023.

The amount of default claimed by the Financial Creditor is Rs. 86,46,23,288/-.

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## Issues and analysis

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

**Ratio:** The petition is maintainable if there is a debt and default, and the application is

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**Reasoning:** The Adjudicating Authority examined the documents and found that there was a debt and

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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 petition was admitted as the

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Rosa Power Supply…
- **Respondents:** Adhar Project…
- **Other parties:** NPV Insolvency…; Reliance Power…
- **Advocates:** Mily Gh…; Shweta Th…; +2 more

## Timeline

- **30.04.2019 — Term Shee…**: Term Sheet was executed between Reliance Power Limited and Adhar Project Management and…
- **24.04.2020 — Supplementary Term…**: Supplementary Term Sheet was executed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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