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 himself (Singh) worked against his case.
An email dated December 27, 2022, from a company representative had acknowledged the outstanding liability and sought additional time to…