Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: 22 June 2026
Case Overview
The order pertains to Company Petition No. CP(IB)/295/CHE/2025, an insolvency petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition was initiated by Riyara Trading (Operational Creditor/Petitioner) against VRMIX Concrete India Pvt Ltd (Corporate Debtor/Respondent) for recovery of an operational debt. The hearing was conducted via video conference before a bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical). Legal counsel Mr. Vikram Veerasamy represented the petitioner, while Ms. Vidya represented the respondent.
The core development at this hearing was the submission of a settlement proposal by the respondent, VRMIX Concrete India Pvt Ltd, indicating a willingness to resolve the debt dispute out of court. The petitioner, Riyara Trading, has stipulated certain conditions for accepting this proposal, with the primary condition being a reduction in the proposed time schedule for settlement. The exact monetary value of the debt or the specific terms of the settlement were not detailed in this procedural order.
Next Steps
The bench has adjourned the matter and listed it for the next hearing on 30 June 2026. The purpose of the next hearing is for the parties to report on the progress of the settlement. If a settlement is not reached by that date, the petition will be taken up for further hearing and arguments on its admission.
Topics: Insolvency Proceeding, Settlement Negotiations