V2 Retail Settles Dispute with Creditor, Expects to Come Out of Insolvency

V2 Retail has settled its payment-related dispute with an operational creditor and expects to come out of the insolvency proceedings, according to Ram Chandra Agarwal, the Chairman of the suspended board of the company, IndiaRetailing.com reported. V2 Retail has made payment to the operational creditor, which had dragged it to NCLT, he said. According to a PTI report: The company would inform the National Company Law Tribunal (NCLT) about the development and expects the company to come out of the insolvency proceedings, Agarwal said. Last month NCLT had admitted a plea against V2 Retail Ltd by Totem Media Solutions and directed to initiate insolvency proceedings against it. “We have settled the matter with the company and have made payments to them. We have filed application informing settlement in the matter,” Agarwal told PTI. Read more.

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