Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 30 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard insolvency petition CP(IB)/295/CHE/2025 filed under Section 9 Rule 6 of the Insolvency and Bankruptcy Code, 2016. The petition was filed by operational creditor Riyara Trading against corporate debtor VRMIX Concrete India Pvt Ltd. During the hearing held via video conference, both parties were represented by their respective counsel - Mr. Haran for the petitioner and Ms. Vidya for the respondent.
The counsel for the petitioner informed the bench that the parties have reached a settlement in the matter. A formal memorandum of settlement will be filed with the tribunal within one week from the hearing date.
Final Outcome
The bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical) recorded the submissions regarding the settlement and listed the petition for further hearing on 10 July 2026. The purpose of the next hearing is to formally record the settlement between the parties, if filed, or to proceed with hearing the petition if the settlement is not completed.
Topics: Insolvency Resolution, Corporate Settlement, NCLT Proceedings