Fourth Dimension Solutions, a Delhi based IT solutions and turnkey service firm has approached the National Company Law Tribunal (NCLT) asking to initiate insolvency process against Ricoh India, the Japanese firm’s Indian arm. Fourth Dimension Solutions (FDS) has filed the petition before the Mumbai Bench of NCLT under the Insolvency and Bankruptcy Code, 2016 citing non payment of dues of more than Rs 428 crore. While Ricoh India is listed in BSE, Fourth Dimension is listed in NSE. Both the firms have informed their respective bourses about the development.
“Fourth Dimension Solutions Limited (FDS) has filed a petition against Ricoh India Limited before the Hon’ble National Company Law Tribunal, Mumbai regarding the alleged non-payment of a disputed debit note which FDS unilaterally raised as alleged damages for a contract termination,” Ricoh said this in a BSE filing.
“We do not agree with the claims made by FDS and are pursuing the matter through legal representation,” it further added.
In Februrary 2015, Ricoh India and FDS entered in to an agreement to execute a part of Government of India’s Rural Information and Communication Technology (RICT) project. The agreement between the two parties involved hardware supply and related service worth Rs. 1077 crore.