# In the matter of Elena Power and Infrastructure Limited (IB)-356(ND)-2021

> NCLT judgment dated 2022-05-06. Citation: TCN-2022-NCLT-04833. Fidus Finance Private Limited filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 6 May 2022
- **Citation:** TCN-2022-NCLT-04833
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/elena-power-and-infrastructure-limited-ib-356nd-2021-65dee680

## Summary

### Background

Fidus Finance Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Elena Power and Infrastructure Limited.

## Facts

Fidus Finance Private Limited provided a loan facility of Rs. 1,05,00,000/- to Elena Power and Infrastructure Limited at 12% per annum.

The loan was disbursed in two tranches on 27.01.2020 and 21.12.2020 and was repayable on 07.04.2021.

Elena Power and Infrastructure Limited failed to repay the loan amount along with interest on 07.04.2021.

Fidus Finance Private Limited issued a demand notice on 06.05.2021 for repayment of Rs. 1,11,43,232/-.

Elena Power and Infrastructure Limited filed a reply denying any default.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC, 2016 is maintainable despite the Corporate …

**Ratio:** Section 215 of the IBC, 2016

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**Reasoning:** The Adjudicating Authority relied on the judgment of the Hon'ble High Court of Calcutta

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**Interpretation:** The absence of a record of default from the Information Utility does not render

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**Application:** The Adjudicating Authority found that the Loan Agreement, disbursement details,

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## Parties

- **Judges:** BACHU VENKAT…; Narender Kumar…
- **Appellants:** Fidus Finance…
- **Respondents:** Elena Power and…
- **Other parties:** Ashok A…
- **Advocates:** Kunal God…; Anuj Ti…

## Timeline

- **2020-01-27 — Loan Agre…**: Loan Agreement dated 27.01.2020…
- **2020-01-27 — Disbursement…**: Disbursement of Loan in two tranches…

## 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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