“We are of the considered view that the operational creditor (Vista Processed) has been able to establish the existence of the operational debt due on account of the supply of goods to the corporate debtor (Goli Vada Pav) in respect of which default has been committed by the latter,” said a division bench of judicial member Kuldip Kumar Kareer and technical member Anil Raj Chellan.
The consortium offered Rs 24.74 crore against admitted claims of over Rs 166 crore for the company. Before the tribunals approval, the lenders of the company also approved the plan with 100% voting in favour of this revival plan.