Insolvency ordered against YSRC MP’s firm

Hyderabad: The National Company Law Tribunal (NCLT) at Hyderabad has allowed insolvency proceedings against YSRC rebel MP K Raghurama Krishna Raju’s Hyderabad-based Ind Barath Energies, which has its plant in Maharashtra, after concluding that it had defaulted in repaying Rs 60 lakh to a rice husk supplier.
The tribunal bench comprising judicial member VR Badarinath and technical member A Veera Brahma Rao admitted the insolvency plea against the MP’s company and sent it for the corporate insolvency resolution process (CIRP).
Though Ind Barath argued it has no connection with rice husk supplier Rangaro Babu Gaekwad, the latter’s counsel, Dishit Bhattacharji, provided evidence to the tribunal to prove that they had supplied the husk. He also placed before the tribunal evidence of such supply from the records of the company which had even claimed tax benefits showing the husk.
The bench also rejected the company’s allegation that the supplier furnished fabricated invoices.