##PAGE1##

NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH COURT NO. 1 ITEM No.201 CP(IB)/56(MP)2025 Order under Section 9 IBC IN THE MATTER OF:

Oswal Woollen Mills Ltd ........Applicant V/s Eki Energy Services Ltd ........Respondent Coram:

Hon’ble Shri Brajendra Mani Tripathi, Member (J)

Hon’ble Shri Man Mohan Gupta Member (T)

PRONOUNCEMENT OF ORDER Delivered on 03/09/2026 The case is fixed for pronouncement of the order.

The order is pronounced in open Court vide separate sheet.

Sd/- Sd/-

MAN MOHAN GUPTA BRAJENDRA MANI TRIPATHI MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Tomar

IN THE NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH [An Application 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 and the National Company Law Tribunal Rules, 2016]

IN THE MATTER OF:

Oswal Woollen Mills Ltd.

Registered office at Sherpur, G.T. Road, Ludhiana, Punjab …Operational Creditor / Petitioner VERSUS M/s EKI Energy Services Limited Registered office at Enking Embassy, Plot 48, Scheme 78 Part 2, Vijay Nagar, Indore – 452010, Madhya Pradesh …Corporate Debtor / Respondent Order pronounced on: 03.09.2026 CORAM:

Shri Brajendra Mani Tripathi, Hon'ble Member (J)

Shri Man Mohan Gupta, Hon'ble Member (T)

APPEARANCES:

For the Applicant: Ms. Nimisha Gupta, Adv (Online)

For the Respondent: Mr. Nishith Upadhyay. Adv (Online)

O R D E R

1. The present Company Petition being C.P. (IBC)/56(MP)2025 (“the Petition”) has been filed by Oswal Woollen Mills Ltd. (“Applicant”/” Operational Creditor”/ “OC”) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“the Code”/“IBC”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (“CIRP”) against M/s EKI Energy Services Limited (“Respondent”/”Corporate Debtor”/“CD”).

PLEADINGS OF THE APPLICANT / OPERATIONAL CREDITOR:

2. The Applicant, Oswal Woollen Mills Limited, entered into an Emission Reduction Purchase Agreement with the Respondent, EKI Energy Services Limited, on 12th April 2022. The agreement outlined that the Petitioner would supply Certified Emission Reductions (CERs) over two compliance periods (CP1 and CP2). Specifically, the Petitioner was to deliver 13,748 Emission Reductions (ERs) for CP1, at a rate of 1.0 USD per CER, and 56,337 ERs for CP2, at a rate of 2.5 USD per CER.

3. In compliance with the agreement, the Petitioner fulfilled its obligations and delivered the contracted CER’s to the Respondent on 13th January 2023. As per Clause 1.9 of the agreement, the Respondent was required to make the full payment within 15 days of delivery, i.e., by 28th January 2023. However, despite the Petitioner fulfilling all its contractual obligations, the Respondent failed to make the required payment by the due date.

4. After 28th January 2023, the Petitioner made several formal demands for payment, including multiple emails sent to the Respondent (copies annexed as Annexure III). Despite repeated follow-ups, the Respondent failed to pay the outstanding amount, which led the Petitioner to further escalate the matter.

5. Given the Respondent’s continuous non-payment and failure to honour its contractual obligations, the Petitioner was compelled to serve a demand notice under Section 8 of the Insolvency and Bankruptcy Code (IBC) on 22nd April 2024. This demand notice formally requested the Respondent to clear the outstanding dues (copy of demand notice annexed as Annexure I).

6. The Respondent, on 15th May 2024, provided a written reply to the demand notice (copy annexed as Annexure II). In this reply, the Respondent objected to the Petitioner’s claims on allegedly fallacious grounds but did not offer any payment toward the outstanding debt. The Petitioner asserts that the objection raised by the Respondent is frivolous and does not negate the clear payment obligations set forth in the agreemen