NCLT admits insolvency proceedings against Tops Security

The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted insolvency proceedings against Topsgrup Services and Solutions, popularly known as Tops Security.

The bench has also appointed chartered accountant Rajendra Karanmal Bhuta as interim resolution professional (IRP) to oversee the company’s day-to-day affairs and revival plans.

Punjab National Bank (International) Ltd had on March 16 last year approached the tribunal seeking initiation of corporate insolvency resolution process against Topsgrup after its UK-based subsidiary The Shield Guarding Company allegedly defaulted on dues of over ₹136 crore.


“The bench notes that this petition has been filed for a total outstanding debt of 13.63 million, which translates to about ₹136 crore, which is due and payable by the corporate debtor to the financial creditor as of January 28, 2020,” an NCLT division bench comprising judicial member Suchitra Kanuparthi and technical member Chandra Bhan Singh said in an order issued on Friday.

ET has seen a copy of the order.

As per the case, Shield Guarding Company had borrowed from PNB International at various occasions between 2012 and 2015. Subsequently, the company defaulted on its dues in September 2015 and later it was declared a NPA in November 2015.