Bankruptcy court confesses insolvency proceedings against Tops Security

The dedicated personal bankruptcy court has admitted insolvency proceedings versus security services provider Topsgrup Provider and Solutions, commonly called Tops Security The Mumbai bench of the National Company Law Tribunal NCLT) has actually also selected chartered accounting professional Rajendra Karanmal Bhuta as interim resolution professional (IRP) to oversee the business’s everyday affairs and revival plans.Punjab National Bank (International) Ltd had on March 16 last year approached the tribunal seeking initiation of the business insolvency resolution procedure (CIRP) against Topsgrup after its UK-based subsidiary The Guard Guarding Business presumably defaulted on fees of over Rs 136 crore.”The bench keeps in mind that this petition has actually been applied for a total outstanding debt of GBP 13.63 million, which equates to about Rs 136 crore, which is due and payable by the business debtor to the monetary lender as of January 28, 2020,” an NCLT division bench making up judicial member Suchitra Kanuparthi and technical member Chandra Bhan Singh said in an order released on Friday.ET has seen a copy of the order.As per the case, Guard Guarding Company had borrowed fromInternational at various celebrations between 2012 and 2015. Consequently, the business defaulted on its fees in September 2015 and later on it was stated a non-performing possession in November 2015. Topsgrup Services had provided an unconditional and irreversible continuing warranty in favour of the bank at the time of raising debt from the bank.The bank in its petition had actually mentioned that the corporate debtor was originally integrated as Tops Security Ltd, which was altered to Topsgrup Services Limited in March 2017, again to Topsgrup Provider (India) Limited in Might 2018, and lastly to Topsgrup Solutions and Solutions Ltd in January 2020. The NCLT order observed that, “Sandeep Ladda, counsel for the corporate debtor (Topsgrup) existed, but pointed out that the corporate debtors are in prison and he does not have any instructions from them, nor any reply has actually been submitted.”The Enforcement Directorate (ED) is presently examining an alleged money laundering fraud of about Rs 175 crore against Topsgrup Providers promoter Rahul Nanda and some others.As per the case, the security provider group had won an agreement with MMRDA (Mumbai Metropolitan Area Advancement Authority) to provide security. The investigation agency has actually declared that the company had provided just 70% of the total guard pointed out in the agreement but billed 100% guards to MMRDA.Nishit Dhruva, managing partner of law practice MDP & Partners, who had represented PNB in the event along with Rohan Agrawal and Almira Lasrado, confirmed the development.An e-mail inquiry to Topsgrup remained unanswered since press time Monday.

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