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NCLT admits TVS Automobile's plea against KPN Travels to recover Rs.5-Cr dues

Business Line  

The National Company Law Tribunal (NCLT) has admitted an application filed by TVS Automobile Solutions Pvt Ltd against Salem-based KPN Travels, a well-known travels operator in Tamil Nadu, to recover dues of INR 5.27 crore for the supply of various products between August 2017 and December 2019. The application sought to initiate Corporate Insolvency Resolution Process (CIRP) against KPN, declare moratorium and appoint an Interim Resolution Professional.