Network Industries Limited referred to NCLT over Rs 100 crore debt

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 an 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 lockstitch machines and 80 finishing tables with all modern packing facilities.

(With inputs from agencies.)