Harji Engineering Works Private Limited Vs Enerture Technologies Pvt. Ltd. (NCLT Delhi)
The National Company Law Tribunal (NCLT), Delhi Bench, considered an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Operational Creditor seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for an alleged default of ₹4,29,98,630, comprising a principal amount of ₹3,75,00,000 and interest of ₹54,98,630 calculated up to 09.01.2025. The applicant stated that it was an MSME engaged in engineering construction services, while the Corporate Debtor was engaged in solar solutions. The parties had entered into a Memorandum of Understanding dated 23.01.2024 to jointly bid for and execute a solar power project and were awarded the tender on 26.02.2024. According to the applicant, disputes subsequently arose regarding allocation of work and profit sharing, resulting in multiple legal notices and complaints. To resolve these disputes, the parties executed a second Memorandum of Understanding dated 01.06.2024 under which the Corporate Debtor agreed to pay ₹5 crore with applicable taxes within four months and issued two post-dated cheques of ₹2.5 crore each. Both cheques were dishonoured on presentation due to “funds insufficient.” The applicant thereafter issued a legal notice under Sections 138 and 141 of the Negotiable Instruments Act and a demand notice under Section 8 of the IBC before filing the present application under Section 9 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
