Fourth Dimension Solutions, a creditor of Ricoh India, has had its petition to initiate an insolvency solution process thrown out by National Company Law Tribunal.
Following on from our coverage of the insolvency solution process filed against Ricoh India by FDS last month, The Recycler can reveal that India’s National Company Law Tribunal has rejected the petition of Fourth Dimension Solutions to initiate the insolvency solution process under the Insolvency and Bankruptcy Code of India.
Fourth Dimension Solution’s claim against Ricoh’s Indian subsidiary was based on an alleged non-payment of a disputed debt note, which FDS raised as alleged damages for a contract determination. Ricoh India responded by stating it would dispute the existence and validity of these claims.
The filing of FDS’s petition, which was revealed by Ricoh India on 11 September 2017, was duly examined by the NCLT and, in a hearing held on 29 September 2017, the Tribunal rejected the petition.
As a result, Fourth Dimension Solutions subsequently withdrew it.