The UK subsidiary of the Punjab National Bank (PNB) has moved the National Company Law Tribunal (NCLT) against Topsgrup Services and Solutions Limited seeking to initiate bankruptcy proceedings under Section 7 of the Insolvency and Bankruptcy Code, as it has defaulted on loan repayment of over 13 million pounds (about Rs 134 crore).
Topsgrup Services has come under the scanner of the Enforcement Directorate (ED) that is investigating a money laundering case against its promoters, a few related parties and Shiv Sena MLA Pratap Sarnaik.
The tribunal on Thursday said that Topsgrup Services has not responded to the notice served on November 22 by Punjab National Bank International Ltd .
The court said if Topsgrup Services does not respond by December 22, it will pass an order in the bankruptcy case after hearing the UK subsidiary.
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