Insolvency proceedings ordered against Uniply

The National Company Law Tribunal (NCLT), Chennai, has admitted insolvency proceedings against plywood maker Uniply Industries Ltd., in a case filed by a partnership firm for alleged non-payment of dues.

In its petition, Kishan Chan Suresh Kumar said it had supplied plywood and block boards and claimed ₹3.71 crore as dues from Uniply.

Agreement breached

As per the petition, on April 30, 2019, a memorandum of compromise was entered into by the parties for payment of ₹5.25 crore (including the amount owed by Uniply’s sister concern).

But only ₹2 crore had been paid and ₹3.71 crore, which included interest, was due as on February 20, 2020, it added.

The NCLT ordered corporate insolvency resolution process for Uniply and appointed Lingumgunta Venkata Shyam Sundar as the interim resolution professional to take forward the process. Under the insolvency process, a maximum of 330 days is provided to find a way to revive the company. If no solution is found, then the company goes into liquidation.

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Printable version | Dec 5, 2021 1:47:38 PM |

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