SHAILESH AGARWAL Vs. COSMO WORLD

JUDGEMENT

(1.) The present writ petition has been filed invoking the extraordinary jurisdiction of this Court under Article 226 read with 227 of the Constitution of India, seeking the following reliefs:

(2.) Brief facts which give rise to the instant petition are that the respondent No. 1 and respondent No. 2, entered into an Exclusive Original Equipment Manufacturing Agreement dtd. 16/1/2021, for providing two and three-wheeler electric vehicles to the respondent No. 1. However, due to the default in payments, respondent No.1 issued a demand notice dtd. 22/3/2023 to respondent No.2, claiming an unsubstantiated amount of Rs.1,09,11,600.92 due from the respondent No. 2.

(3.) Subsequently, respondent No. 1 approached the Adjudicating Authority, i.e., the learned National Company Law Tribunal, Indore, (hereinafter referred to as 'NCLT') by filing an application under Sec. 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'IBC') seeking initiation of the Corporate Insolvency Resolution Process (hereinafter referred to as 'CIRP') against the respondent No. 2/Corporate Debtor for the default of the aforesaid amount. In light of the same, the learned NCLT, Indore, vide its order dtd. 12/6/2025 passed in CP(IB) No. 10 (MP) 2024, admitted respondent No. 2 in insolvency, thereby, initiating CIRP against it.