Insolvency order against treatment firm VA Tech Wabag

Sources said the parties had a contractual dispute in terms of the payment of the amount

The National Company Law Tribunal (NCLT) has ordered insolvency resolution and named an Interim Resolution Professional (IRP) to take charge of the management of VA Tech Wabag, a listed water treatment firm, in an application submitted by construction engineering firm Consolidated Construction Consortium Ltd (CCCL). CCCL has claimed a principal amount of Rs 1.50 crore, of which VA Tech Wabag agreed to pay 50 per cent, during the hearing.

In an order on Friday, the NCLT, Chennai bench, comprising Mohd Sharief Tariq, member (judicial), and S Vijayaraghavan, member (technical), said, “We order the commencement of the corporate insolvency resolution process which