The Chennai bench of the NCLT (National Company Law Tribunal) has dismissed as “withdrawn” the corporate insolvency resolution process against Trivitron Healthcare, a leading medical devices maker, under IBC (Insolvency and Bankruptcy Code), following its compromise with RNB Design Arc Systems. RNB initiated insolvency proceedings against Trivitron in the fourth week of November over pending dues. The principal amount of Rs 8,97,659 and interest amount of Rs 2,35,000 is being paid by Trivitron to RNB. For the total amount of Rs 11,32,659, four DDs (demand drafts) have been handed over to the representative of RNB.
“Since the IRP has not been appointed in the matter and both the parties have settle…
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