The move is the first by any major Japanese Company in India
Japanese printing and imaging solutions vendor Ricoh’s Indian subsidiary Ricoh India has filed for insolvency proceedings due to its inability to meet its liabilities.
According to the company it has filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal. The IBC is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.
“The company has come to a position where it is unable to meet its liabilities, and this course of action has been decided in the best interest of the company, its customers, employees and minority shareholders and all other stakeholders,” the Ricoh India said in a BSE filing.
Ricoh India’s board had on January 25, 2018 resolved to inter alia file an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) and relevant Rules and Regulations thereunder to initiate Corporate Insolvency Resolution Process.