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NATIONAL COMPANY LAW TRIBUNAL
Rammurti Kushawaha, Member (Judicial), Yogendra Kumar Singh, Member (Technical)
Walchandnagar Industries Limited – Appellant
Versus
Green Valliey Industries Limited – Respondent
| Table of Content |
|---|
| 1. filing of corporate insolvency resolution process. (Para 1 , 11 , 12) |
| 2. operational creditor's claims regarding debt and acknowledgments. (Para 2 , 3) |
| 3. arguments relating to the status of the corporate debtor and defenses raised. (Para 4 , 5 , 6 , 9) |
| 4. existence of pre-existing disputes impacting insolvency proceedings. (Para 15) |
1. This Company Petition is filed byWalchandnagar Industries Limited (“Operational Creditor”) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking initiation of the Corporate Insolvency Resolution Process (“CIRP”) againstGreen Valliey Industries Limited (“Corporate Debtor”) on account of non-payment of an operational debt amounting to Rs. 4,99,71,581/- (Rupees Four Crore Ninety-Nine Lakh Seventy-One Thousand Five Hundred Eighty-One Rupees Only) as on 15.05.2012 and in lieu of the transfer of proceedings from the Hon'ble High Court of Meghalaya.
2. Submissions by the Operational Creditor:
2.1. The Corporate Debtor had entered into a Contractual Agreement bearing No.
GVILP/WIL/001 dated 12.02.2008 with the Operational Cred
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