A vendor from Ricoh India has initiated a insolvency solution process against it and Ricoh filed a response to petition filed.
In a statement Ricoh stated that its consolidated subsidiary, Ricoh India Limited, Headquartered in New Delhi, Bombay, yesterday announced that its vendor, Fourth Dimension Solutions (FDS) also Headquartered in New Delhi, as a creditor of Ricoh India, filed a petition with the National Company Law Tribunal to initiate insolvency solution process under the Insolvency and Bankruptcy Code of India.
FDS’ claim against Ricoh India is based on the alleged non-payment of a disputed debit note which FDS unilaterally raised as alleged damages for a contract determination.
Ricoh India does not agree with these claims filed by FDS and is pursuing the matter through legal representation.
Under Indian law, the admission of insolvency resolution process is decided by the National Company Law Tribunal, and at that time, the claims by FDS will be examined together with the existence of a default by Ricoh India. Ricoh India has stated that it will dispute the existence and validity of the claims in the petition by FDS.
Ricoh India is taking appropriate actions to overcome this issue. If there is any information that should be disclosed with regards to Ricoh India it will be shared promptly according the companies’ statement.