The petition was filed by Texmo Pipes against L&T for non-payment and withholding of unpaid dues to the tune of ₹23.51 crore. The amount is due against the supply of goods, Texmo Pipes said.
“The company, as an operational creditor, has approached the NCLT to recover and pay its dues against the supply of goods,” the company said in a statement.
Under Section 9 of the Insolvency and Bankruptcy Code, an operational creditor may initiate an insolvency resolution process of a corporate debtor in accordance with the provisions of the code.
Texmo Pipes did not specify for which order the amount owed corresponds or when it was executed by the company.
Larsen & Toubro, which has a market capitalization of nearly ₹4.5 lakh crore, is yet to respond to this petition.
Texmo Pipes recently reported its March quarter results on May 29, during which its revenue almost halved to ₹85 crore from ₹166.9 crore during the same period of the year last.
The company reported a net loss of ₹6.8 crore for the quarter, compared to a loss of ₹75.36 crore in the same quarter last year. The base quarter also recorded a higher loss due to an increase 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 down 1% on Friday at ₹74.10. The stock is up 25% over the past 12 months, but has remained flat so far in 2024.
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