VITUOUS URJA LIMITED Vs. NANDA ENERGY LIMITED

JUDGEMENT

(1.) Under Consideration is a Company Petition filed by Vituous Urja Limited (in short, 'Petitioner/Operational Creditor') against Nanda Energy Limited (in short, 'Respondent/Corporate Debtor') under section 433(e) and (f), 434(i)(a) and 439(i)(b) of the Companies Act, 1956 before the Hon'ble Madras High Court which has been transferred to this tribunal pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016. Now, pursuant to the Central Government notification number GSR 119(E) dated 07.12.2017, this petition needs determination as per the provisions of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016').

(2.) Before I proceed with the matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition.

(3.) Shri T.K. Bhaskar, the learned counsel appearing on behalf of the petitioner/OC submitted that the Petitioner is a Public Limited Company engaged in the business of import and trading of steam coal and coal products whereas the Respondent/CD is a company engaged in the business of generating, buying, selling and dealing in electric power in all its branches. In the ordinary course of business, the Respondent Company placed two Purchase Order Nos. 202 and 204 dated 23.02.2011 and 21.03.2011 respectively with the Petitioner/OC for the supply of 5000 MT and 3000 MT imported streaming (non-cooking) coal respectively. The Petitioner had raised several invoices for a consolidated sum of Rs. 2,70,36,751/- out of which the petitioner only received Rs. 1,47,50,000/-, leaving an amount of Rs. 1,22,86,751/- unpaid.