NCLAT dismisses director”s appeal, upholding insolvency proceedings against Farm2Energy for unpaid advance on a biomass bales supply contract with Verbio India.
New Delhi, Jul 7 (PTI) The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by a suspended director of Farm2Energy, upholding insolvency proceedings against the company over an unpaid advance related to a biomass bales supply contract.
A three-member bench dismissed the appeal filed by Sukhbir Singh, a director of the suspended board of the Ludhiana-based Farm2Energy, and rejected his contentions of a pre-existing dispute and the existence of no ‘valid operational debt’.
The appellate tribunal noted that email correspondence placed on record by the appellant…