TVS firm, KPN sign settlement agreement
The Hindu
TVS Automobile Solutions Pvt. Ltd on Wednesday signed a settlement pact with KPN Travels India Ltd. over the issue of payment of dues.Earlier this month, NCLT Chennai ordered insolvency proceedings ag
TVS Automobile Solutions Pvt. Ltd on Wednesday signed a settlement pact with KPN Travels India Ltd. over the issue of payment of dues.
Earlier this month, NCLT Chennai ordered insolvency proceedings against KPN Travels in a case filed by TVS Automobile Solutions. TVS had said KPN failed to pay dues of ₹3.94 crore for supplies made from August 31, 2017 to December 31, 2019 and, along with interest of 18% a year, the total outstanding worked out to ₹5.27 crore. KPN has agreed to pay ₹4.5 crore against the outstanding amount in two instalments.
The first instalment of ₹2 crore has been paid on signing the pact and the remaining ₹2.5 crore is to be paid on or before November 22, as per the agreement.
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