NCLT Mumbai Orders Insolvency Of Kute Group's Tirumalla Agro Industries

The National Company Law Tribunal (NCLT), Mumbai Bench-VI, has admitted the section 9 IBC petition filed by Aryatech Platforms Pvt. Ltd. against Tirumalla Agro Industries (Unit Company of Kute Group). Tirumalla Agro becomes the second entity in the conglomerate to face the insolvency. The group is already stumbling from a Rs. 2500 Cr. co-operative society fraud scandal, and its founders are already in jail. The promoters Suresh Kute and his wife Archana Kute are accused of diverting an amount of Rs. 2500 Cr. from the co-operative society to various group companies. The Enforcement Directorate is investigating the matter, and the authorities have seized assets worth Rs. 1,433.4 Cr. Proceedings before NCLT Mumbai Aryatech Private Limited (Operational Creditor) and Tirumalla Agro (Corporate Debtor) entered into a Short-Term Procurement Facility Agreement for the supply of agricultural commodities. The operational creditor alleged the default of Rs. 11,169,393, inclusive of the penal charges. Despite several opportunities granted, the corporate debtor didn't submit any substantive reply, and it only objected to the written submissions with technical objections. The NCLT observed that the corporate debtor had admitted its liabilities in prior correspondence and failed to produce any meaningful defense. With these observations, the tribunal admitted the section 9 application, citing an unpaid debt of Rs. 1.12 Cr. A moratorium under section 14 was announced, and Mr. Srigini Rajat Naidu was appointed as the interim resolution professional. Case Name: Aryatech Platforms Pvt. Ltd. v. Tirumalla Agro Industries Pvt. Ltd. Case No.: CP (IB) 181/MB/2025 For Operational Creditor: Adv. Mr. Rakshith Srivastava, Adv. Mr. Ashutosh Kumar Tiwari For Corporate Debtor: Adv. Mr. Manoj Kumar Mishra Coram: Shri Nilesh Sharma (Member-Judicial) and Shri Sameer Kakar (Member-Technical) Order Date: 09.10.2025 Click Here To Read/Download The Order

NCLT Mumbai Orders Insolvency Of Kute Group's Tirumalla Agro Industries

Mohd.Rehan Ali

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