TVS Automobiles files insolvency proceedings against KPN Travels

TVS Automobiles Solutions Pvt. Ltd. has filed insolvency proceedings against KPN Travels Solutions Pvt. Ltd. for alleged non-payment of dues of over ₹5 crore. In its petition before the National Company Law Tribunal (NCLT), Chennai, TVS Automobiles said KPN was a travel agent company, owning more than 200 vehicles for transportation purposes, and alleged that it was disposing of its moveable and immovable assets and creating third party encumbrances. The NCLT directed KPN to file the list of assets, vehicles and other details before the next date of hearing on January 5, 2021. KPN shall not sell any moveable or immoveable assets till the disposal of the petition, it said.