NCLT orders insolvency proceedings against Trivitron Healthcare

Mandates resolution process to be completed over a period of 180 days

bankruptcy, insolvency

The National Company Law Tribunal (NCLT)'s Chennai bench has ordered the initiation of corporate insolvency resolution process against Trivitron Healthcare, founded by investor GSK Velu. The order follows a petition filed by the RNB Design Arc Systems- a supplier of the firm.   RNB Design Arc Systems has supplied and installed 90 fire-rated doors at Trivitron's factory. On February 18, 2017, the supplier claimed payments worth Rs 8.97 lakh with an interest rate of 18 per cent. Trivitron, on its part, raised two objections to the proposed claim. It argued that ...