This case involves an appeal against an order dated 2022-09-16 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench-I, which dismissed an application filed under the Insolvency and Bankruptcy Code, 2016. The appellant, Mr. Babu Rao Kodali, is a Member of Suspended Board of Directors of Navayuga Infotech Pvt. Ltd., the Corporate Debtor. The Corporate Debtor had placed purchase orders with Vajra IOT Pvt. Ltd. (formerly known as 'Green Ark Enersol Pvt. Ltd.'), the Operational Creditor, for the supply and installation of AMR modems for a project by Tamil Nadu Generation and Distribution Company (TANGEDCO).
Navayuga Infotech Pvt. Ltd. (Corporate Debtor) placed purchase orders with Vajra IOT Pvt. Ltd. (Operational Creditor) for the supply and installation of 20,000 AMR modems for a project by TANGEDCO. The purchase orders stipulated that all supplies needed to be made within 60 days. The Operational Creditor supplied only 16,140 modems and installed only 2,945 modems. The Corporate Debtor transferred the right to claim performance from TANGEDCO to the Operational Creditor. The Corporate Debtor initiated arbitration proceedings against TANGEDCO for recovery of dues. The Operational Creditor raised invoices on the Corporate Debtor for purchasing and availing services pertaining to 16,130 AMR modules. The Corporate Debtor paid Rs. 2,77,27,150 to the Operational Creditor, with
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2nd Respondent placed 2 Purchase Orders on 1st…
2nd Respondent issued ‘NOC’ admitting to the…
This case involves an appeal against an order dated 2022-09-16 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench-I, which dismissed an application filed under the Insolvency and Bankruptcy Code, 2016. The appellant, Mr. Babu Rao Kodali, is a Member of Suspended Board of Directors of Navayuga Infotech Pvt. Ltd., the Corporate Debtor. The Corporate Debtor had placed purchase orders with Vajra IOT Pvt. Ltd. (formerly known as 'Green Ark Enersol Pvt. Ltd.'), the Operational Creditor, for the supply and installation of AMR modems for a project by Tamil Nadu Generation and Distribution Company (TANGEDCO).
Navayuga Infotech Pvt. Ltd. (Corporate Debtor) placed purchase orders with Vajra IOT Pvt. Ltd. (Operational Creditor) for the supply and installation of 20,000 AMR modems for a project by TANGEDCO. The purchase orders stipulated that all supplies needed to be made within 60 days. The Operational Creditor supplied only 16,140 modems and installed only 2,945 modems. The Corporate Debtor transferred the right to claim performance from TANGEDCO to the Operational Creditor. The Corporate Debtor initiated arbitration proceedings against TANGEDCO for recovery of dues. The Operational Creditor raised invoices on the Corporate Debtor for purchasing and availing services pertaining to 16,130 AMR modules. The Corporate Debtor paid Rs. 2,77,27,150 to the Operational Creditor, with
…2nd Respondent placed 2 Purchase Orders on 1st…
2nd Respondent issued ‘NOC’ admitting to the…