The National Company Law Tribunal (NCLT) at Kochi has recently admitted an insolvency petition against Soura Natural Energy Solutions India Private Limited, holding that an operational creditor is entitled to initiate fresh insolvency proceedings upon breach of a settlement where the settlement itself expressly preserves such a right.
A coram of Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy was considering a petition filed by Raychem RPG Private Limited seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Soura Natural Energy Solutions over an alleged operational debt of ₹4.22 crore arising from the supply of solar panels, solar inverters and other goods.
An earlier insolvency petition…