NCLT Dismisses SP Coal's Insolvency Petition Against SPY Agro

NCLT Hyderabad dismissed SP Coal Resources' insolvency petition against SPY Agro Industries over a disputed operational debt of ₹6.53 crore.
The tribunal found pre-existing disputes over debt genuineness, unilateral journal entries, and complex inter-group adjustments among Nandi Group companies.
Serious inconsistencies in ledger accounts and alleged fabricated settlement cheques rendered the debt unverifiable in summary proceedings.
The ruling cited Mobilox Innovations precedent, rejecting the petition as a recovery attempt rather than a bona fide insolvency case.