Texmo Pipes' ₹23.51 Crore Claim Against L&T Rejected by NCLT Over Pre-Existing Dispute

In a significant development, the National Company Law Tribunal (NCLT) has dismissed Texmo Pipes and Products Ltd.'s insolvency petition filed against Larsen & Toubro (L&T) over a ₹23.51 crore claim. The tribunal, in its ruling, cited a pre-existing dispute between the parties, emphasizing ongoing arbitration proceedings regarding the alleged outstanding dues.

 

Texmo Pipes had approached the NCLT under Section 9 of the Insolvency and Bankruptcy Code (IBC), seeking to initiate corporate insolvency resolution against L&T. However, the tribunal ruled that the existence of an unresolved dispute prior to the petition rendered it inadmissible.

 

Source: Texmo Pipes and Products Limited's Disclosure to NSE