The National Company Law Tribunal (NCLT), Allahabad Bench, has dismissed an insolvency petition filed by Empire Transport Services Ltd (ETSL) against Noida Metro Rail Corporation (NMRC), citing “genuine” pre-existing disputes over service quality, contractual obligations, and payment deductions.
ETSL had sought initiation of a Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC).
ETSL claimed operational dues of approximately Rs 7.09 crore arising from a bus operations agreement signed on January 15, 2016, to run 100 low-floor AC CNG buses in Noida, Greater Noida, and connecting routes.
However, only 50 buses were deployed….