V2 Retail expects to come out of insolvency after settling matter with creditor
Value fashion retailer V2 Retail has made payments and settled its dispute with Totem Media Solutions, which had dragged it the National Company Law Tribunal (NCLT) leading to the insolvency resolution process of the retailer.
V2 Retail will inform the NCLT about the settlement and expects the insolvency proceedings against it to be dissolved very soon. The matter is expected to be heard on July 10.
"We have settled the matter with the company and have made payments to them. We have filed application informing settlement in the matter," Ram Chandra Agarwal, chairman of the suspended board of the company was quoted as saying by PTI.
Last month NCLT had admitted a plea against V2 Retail Ltd by Totem Media Solutions, a company engaged in the sale of advertising printing space for non-payment of dues of Rs 87 lakh ($1,16,025), along with the interest and directed to initiate insolvency proceedings against it.
V2 Retail is one of the leading players in the fashion and apparel market. It recently closed two of its retail stores in Bihar and Karnataka. It currently has 73 operational stores spread across 17 states and 70 cities.
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