Unpaid Transport Invoices Held as Operational Debt Despite Settlement Default: NCLT Admits Insolvency Plea u/s 9 [Read Order]
The NCLT admitted an insolvency petition against Everrenew Energy Pvt Ltd regarding unpaid transport invoices totaling ₹3.24 crore.Summary
The National Company Law Tribunal (NCLT), Chennai Bench, has admitted an insolvency petition filed by Om Tranns Infra Corporation Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner sought recovery of ₹3.24 crore for transportation services provided between June and October 2024. Although a settlement agreement was reached and a partial payment of ₹79.52 lakh was made, the corporate debtor defaulted on the remaining balance.
The respondent, Everrenew Energy Pvt Ltd, argued that the petition was not maintainable because the claims arose from a breach of a settlement agreement rather than the original operational debt. However, the tribunal rejected this defense, ruling that the settlement agreement did not novate the original invoices but merely recorded the repayment method. The bench noted that the debtor's acknowledgment of the invoices and subsequent part payments constituted an admission of debt and default.
Consequently, the bench, comprising Sanjiv Jain and Venkataraman Subramaniam, admitted the petition and appointed Shri S. Kangayan as the Interim Resolution Professional (IRP). A moratorium under Section 14 of the IBC has been imposed, prohibiting the institution or continuation of suits and the transfer of assets during the Corporate Insolvency Resolution Process (CIRP).
(Source：Taxscan)