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Informist, Monday, Sep 9, 2024

 

NEW DELHI – The Ahmedabad bench of the National Company Law Tribunal has admitted a petition by Greka Green Solutions (India) Ltd to start insolvency proceedings against Essar Oil and Gas Exploration and Production Ltd, for an unpaid amount of 243.83 mln rupees. The tribunal appointed Mohit Bipinchandra Adatiya as the interim resolution professional to carry out the functions as per the Insolvency and Bankruptcy Code, 2016.

 

Further, the tribunal ordered a moratorium against Essar Oil and Gas Exploration in terms of Section 14 of the insolvency code. The tribunal said Greka Green Solutions had proved that there was a debt and despite service of notice to Essar Oil and Gas Exploration, the amount was not paid by the latter.

 

Greka Green Solutions had moved the tribunal saying Essar Oil and Gas Exploration had not paid the invoices arising out of the drilling services provided by the petitioner as per a contract between the parties. In 2019, a settlement agreement was reached between the parties, which Essar Oil and Gas Exploration acknowledged but did not pay the amounts, said Greka Green Solutions.

 

Essar Oil and Gas Exploration contested Greka Green Solutions' plea and said the dues payable to the latter did not constitute an operational debt and hence not maintainable.  End

 

Reported by Surya Tripathi

Edited by Rajeev Pai

 

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