City-based Network Industries Limited, engaged in the hosiery business, has been referred to the NCLT for having an outstanding debt of Rs 100 crore, according to a LSI statement.
Financial creditors State Bank of India and Corporation Bank moved the National Company Law Tribunal (NCLT) under Section 7 of the Insolvency and Bankruptcy Code, 2016.
LSI Resolution's Samir Bhattacharya has been appointed as the interim resolution professional for ascertaining the claims of creditors and convening a Committee of Creditors for evolving a resolution plan.
The company has its production facility in Tirupur, Tamil Nadu with 483 power machines, 210 lock stitch machines and 80 finishing tables with all modern packing facilities.
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