HYDERABAD: Upholding the claims of a Vietnamese prawn feed supplier company that moved the National Company Law Tribunal (NCLT) against a Bhimavaram based shrimp farming firm, the Hyderabad bench of NCLT initiated the corporate insolvency process against the shrimp firm for failing to clear the dues it owed to the Vietnamese firm.
The bench of K Anantha Padmanabha Swamy, member (judicial), and Veera Brahma Rao Arekapudi, member (technical) pronounced this order after hearing a petition filed by Uni-President Vietnam Company said that it supplied prawn feed worth Rs1.58 crore in two consignments in March 2018 to Gayatri Seafoods and Feeds company, Bhimavaram.
But despite repeated reminders, the Bhimavaram company failed to pay the cost of …
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