Ricoh India approves resolution plan
February 19, 2019
Following the company’s split from its parent OEM last year, the former subsidiary has now taken the latest step in its insolvency proceedings.
Ricoh India’s Committee of Creditors (COC) has approved the Resolution Plan with the required majority, as set out in the country’s national Insolvency and Bankruptcy Code, Section 10.
The company originally filed for insolvency with India’s National Company Law Tribunal in January 2018, with the NCLT announcing that the petition came into effect on 14 May. The NCLT then decreed that a Resolution Professional be appointed, who themselves solicited applicants to submit resolution plans, one of which has now been approved by the COC.
Going forwards, the approved Resolution Plan will now be filed by the Resolution Professional, with the NCLT set to review it and decide whether to continue with its execution.
“Currently, we are confirming the impact on our performance,” said Ricoh India. “If we recognise the necessity of restating the announced consolidated financial forecast for the fiscal year ending March 31, 2019, we will announce it in a timely manner.”
Ricoh still owns 73.6 percent of Ricoh India, as of May last year, but the subcontinental subsidiary is no longer part of the OEM’s consolidated company.
Categories : City News
Tags : India Insolvency Ricoh Ricoh India
