THE NATIONAL COMPANY LAW TRIBUNAL,

BENCH V, NEW DELHI

Under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule

6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority)

Rules, 2016.

IN THE MATTER OF

M/S ASHTECH (INDIA) PRIVATE LIMITED

HAVING ITS REGISTERED OFFICE AT:

30, ASHTECH HOUSE, POPATWADI

KALBADEVI ROAD, MUMBAI-400002

…APPLICANT/OPERATIONAL CREDITOR

VERSUS

M/S TRN ENERGY PRIVATE LIMITED HAVING ITS REGISTERED OFFICE AT:

18, VASANT ENCLAVE, RAO TULA RAM MARG

NEW DELHI-110057

…RESPONDENT/CORPORATE DEBTOR

Order Pronounced on: 16.10.2025

CORAM:

SHRI MAHENDRA KHANDELWAL SMT. ANU JAGMOHAN SINGH

HON’BLE MEMBER (JUDICIAL) HON’BLE MEMBER (TECHNICAL)

APPEARANCES:

For the Applicant : Mr. Parijat, Mr. Monish Surendran, Advs.

For the Respondent : Mr. Rakesh Kumar, Ms. Preeti Kashyap,

Mr. Ankit Sharma, Mr. Pulkit Mehrotra,

Advs.

ORDER

1. This is a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by M/s Ashtech (India) Private Limited (‘Operational Creditor’) for initiation of Corporate Insolvency Resolution Process (‘CIRP’) against M/s TRN Energy Private Limited (‘Corporate Debtor’)

2. M/s Ashtech (India) Private Limited (Operational Creditor) is a private limited company having CIN No. U74999MH2002PTC135081 and registered under the Companies Act, 1956, having its registered office at 30, Ashtech House, Popatwadi, Kalbadevi Road, Mumbai-400002. M/s TRN Energy Private Limited (Corporate Debtor) is a company registered under the Companies Act, 1956 [CIN- U40109DL2006PTC155618], having its registered office at 18, Vasant Enclave, Rao Tula Ram Marg, New Delhi-110057. The Corporate Debtor has Authorized Share Capital of INR 1000,00,00,000 (Rupees Thousand Crores only) and Paid-Up Share Capital of INR 745,66,81,040 (Rupees Seven Hundred Forty Five Crores Sixty Six Lakhs Eighty One Thousand Forty only).

3. The present Petition was initially filed on 13.09.2022 before this Adjudicating Authority by Sanjeev Kumar Jha on behalf of M/s Ashtech (India) Private Limited (Operational Creditor), duly authorized to initiate Corporate Insolvency Resolution Process (“CIRP”) proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“Code’). Owing to settlement agreement, this Adjudicating authority vide order dated 14.07.2023 allowed the I.A No. 3599 of 2023 and dismissed the Company Petition as withdrawn. The Corporate Debtor has not honoured the Settlement terms, thus, on application of Operational Creditor, the Company Petition was restored vide order dated 13.08.2024.

4. As per the Part IV, the total amount claimed is INR 1,08,43,502/- (Rupees One Crore Eight Lakhs Forty-Three Thousand Five Hundred and Two only). The date of default in terms of Part IV is 03.08.2019, 30.08.2019, 30.09.2019, 30.10.2019 and 29.11.2019 based on different invoices.

5. Submissions made by the Learned Counsel on behalf of the Operational Creditor:

a) The parties had entered into an agreement pursuant to the Work Order dated

15.04.2019, whereby the Operational Creditor was engaged to transport fly ash from the power plant of the Corporate Debtor to the designated disposal site, in accordance with the terms and conditions agreed upon. The Operational Creditor duly provided services under the said Work Order.

b) The Operational Creditor raised various invoices for the services rendered, which were duly received by the Corporate Debtor. In terms of the aforesaid Work Order, a credit period of 30 days was provided for the payment of invoices. The Corporate Debtor has made part payment of only INR 45 lakhs against the said invoices. Despite repeated reminders, the corporate has failed to make any payment of its outstanding dues.

c) The Corporate Debtor, vide ‘Accounts Payable Confirmation Letter’ dated

26.11.2020, unequivocally acknowledged that an amount of INR 1,08,43,502/- (Rupees One Crore Eight Lakhs Forty-Three