In the matter of Pravara Renewable Energy Limited C.P.(IB)-2976(MB)-2018
Case brief
What is this about?
The tribunal admitted an application by Great Town Trading Private Limited for CIRP against corporate debtor Pravara Renewable Energy Limited for default on a coal purchase invoice total of approx. 4 crores. The debt was deemed undisputed despite a subsequent challenge. CIRP was initiated, and an Insolvency Professional was appointed.
What did the court decide?
Application admitted; CIRP initiated against the corporate debtor; Interim Resolution Professional appointed; Moratorium imposed.
IN THE NATIONAL COMPANY LAW TRIBUNAL,
MUMBAI BENCH, COURT - II
C.P.(IB)-2976(MB)/2018
(Under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rule 2016)
In the matter of
Great Town Trading Private Limited
Address for Registered Office: Patuck Press Compound, Shravan Yeshwant Chowk, Next to Kalachowki Police Station, Cotton Green (W), Mumbai- 400033.
…Operational Creditor Vs
Pravara Renewable Energy Limited
Having Registered Office at: 502, Floor 5, Plot 952/954, Orbit Plaza CHS, New Prabhadevi Road, Nagusayajiwadi, 400025.
...Corporate Debtor Order delivered on: 06.01.2023
Issues for consideration
2 issues framed by the court
Whether the application for initiation of Corporate Insolvency Resolution Process (CIRP) be admitted given partial payments made by the corporate debtor during pendency.
Whether the contractual interest claimed by the operational creditor is enforceable when the corporate debtor disputes it after failing to object to the Demand Notice.
Parties & counsel
- applicant
Great Town Trading Private Limited
Coram
Justice P.N. Deshmukh
Shyam Babu Gautam
Case details
As recorded by the court registry
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