ORDER

Per: Kishore Vemulapalli, Member Judicial

1. This is an Application being C.P. (IB) No. 792/MB/C-IV/2021 filed on 15-02-2021 by North Agro Industries Private Limited, the Operational Creditor/Applicant, under section 9 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against Mahindra and Mahindra Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP).

1.1 The total amount of debt claimed is 3,77,95,546 (Rupees Three Crore Seventy Seven Lakh Ninety Five Thousand Five Hundred Forty Six Only).

2. The Operational Creditor is the business of supplying machinery, like combine harvesters and tractors to buyers across the country. The Corporate Debtor regularly placed orders and purchase the aforementioned machinery from the Operational Creditor.

2.1 As per the commercial arrangement between the parties (a) the Corporate Debtor used to place orders with the Operational Creditor, (b) In terms thereof, the machinery was supplied by the Operational Creditor directly to the dealers of the Corporate Debtors, and (c) on delivery of the machinery, the Corporate Debtor was liable to release payments as per the invoice raised by the Operational Creditor.

2.2 Accord