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 the assigned work was completed by the supplier with a delay of nine months, besides disputing the interest rate demanded by the entity.
A moratorium has also been declared on various activities.
Trivitron, which has a turnover of around Rs 700 crore, is into manufacturing medical devices and operates in India
as well asl overseas markets.