Texmo Pipes & Products Ltd., a producer of plastic pipes and pipe fittings, with a market capitalisation of ₹216 crore has filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 against infrastructure and engineering conglomerate Larsen & Toubro Ltd. on Saturday, June 1, 2024, it said in an exchange filing. The petition has been filed with the National Company Law Tribunal (NCLT).
The petition has been filed by Texmo Pipes against L&T for non-payment and withholding of outstanding dues to the tune of ₹23.51 crore. The amount is due against the supply of goods, Texmo Pipes said.
"The company being an operational creditor has approached the NCLT for recovery and payment of its outstanding dues against the supply of goods," the company said in a statement.
Under Section 9 of the Insolvency and Bankruptcy Code, an operational creditor can initiate Corporate Insolvency Resolution Process of a corporate debtor in accordance with the provisions of the code.
Texmo Pipes has not clarified as to what order is the amount due for or when was it executed by the company.
Larsen & Toubro, which has a market capitalisation of nearly ₹4.5 lakh crore, is yet to respond to this petition.
Texmo Pipes recently reported March quarter results on May 29, in which, its revenue nearly halved to ₹85 crore from ₹166.9 crore during the same period last year.
The company reported a net loss of ₹6.8 crore for the quarter, compared to a loss of ₹75.36 crore during the same quarter last year. The base quarter also had a higher loss due to a surge in other expenses, which increased to ₹89.59 crore. However, in the current quarter, other expenses stood at only ₹7 crore.
Shares of Texmo Pipes had ended 1% lower on Friday at ₹74.10. The stock has risen 25% in the last 12 months, but has remained flat so far in 2024.
The petition has been filed by Texmo Pipes against L&T for non-payment and withholding of outstanding dues to the tune of ₹23.51 crore. The amount is due against the supply of goods, Texmo Pipes said.
"The company being an operational creditor has approached the NCLT for recovery and payment of its outstanding dues against the supply of goods," the company said in a statement.
Under Section 9 of the Insolvency and Bankruptcy Code, an operational creditor can initiate Corporate Insolvency Resolution Process of a corporate debtor in accordance with the provisions of the code.
Texmo Pipes has not clarified as to what order is the amount due for or when was it executed by the company.
Larsen & Toubro, which has a market capitalisation of nearly ₹4.5 lakh crore, is yet to respond to this petition.
Texmo Pipes recently reported March quarter results on May 29, in which, its revenue nearly halved to ₹85 crore from ₹166.9 crore during the same period last year.
The company reported a net loss of ₹6.8 crore for the quarter, compared to a loss of ₹75.36 crore during the same quarter last year. The base quarter also had a higher loss due to a surge in other expenses, which increased to ₹89.59 crore. However, in the current quarter, other expenses stood at only ₹7 crore.
Shares of Texmo Pipes had ended 1% lower on Friday at ₹74.10. The stock has risen 25% in the last 12 months, but has remained flat so far in 2024.
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