# In the matter of Claro Energy Private Limited

> NCLT judgment dated 2025-11-07. Citation: TCN-2025-NCLT-01720. Modern Solar Private Limited filed an application to initiate CIRP against Claro Energy Private…

- **Court:** NCLT
- **Order date:** 7 Nov 2025
- **Citation:** TCN-2025-NCLT-01720
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/claro-energy-private-limited-69060550

## Summary

### Background

Modern Solar Private Limited filed an application to initiate CIRP against Claro Energy Private Limited based on a financial debt of INR 20,00,000.00. The application was initially filed as a company petition for winding up in the Delhi High Court and later transferred to the NCLT.

## Facts

Around February 2013, Claro Energy Private Limited approached Modern Solar Private Limited for the supply of goods and products for a project of the Public Health Engineering Department (PHED), Government of Bihar.

On 02.03.2013 and 19.03.2013, Modern Solar Private Limited transferred a total of INR 20,00,000.00 to Claro Energy Private Limited.

Claro Energy Private Limited, in an email dated 03.10.2013, admitted it would try its best to repay the 'corporate loan'.

On 22.02.2014, Claro Energy Private Limited issued a cheque for INR 20,00,000.00, which was dishonored on 20.05.2014 due to 'insufficient funds'.

Modern Solar Private Limited issued a statutory notice on 21.09.2015 demanding repayment.

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## Issues and analysis

### Issue 1: Whether the amount advanced constitutes a …

**Ratio:** An amount must be disbursed against the time value of money to qualify as a financial

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**Reasoning:** The email correspondence and conduct of the parties indicated that the amount was an

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**Interpretation:** The NCLT interpreted Section 5(8) to require a disbursement against the time

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**Application:** The NCLT applied the precedent set by the NCLAT in M/s Jagbasera Infratech

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Anu Jagmoha…
- **Appellants:** Modern Solar…
- **Respondents:** Claro Energy…
- **Advocates:** Siddhant J…; Abhishek…; +3 more

## Timeline

- **2013-02-00 — Initial Agr…**: Claro Energy approached Modern Solar…
- **2013-03-02 — RTGS Tran…**: Modern Solar transferred INR…

## 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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