NCLT orders initiation of insolvency resolution against distressed REI Agro

The Kolkata Bench of the National Company Law Tribunal (NCLT) has ordered for initiation of an ‘corporate insolvency resolution process’ against distressed rice exporting company, REI Agro, based on an application filed by an operational creditor.

REI Agro has, in the past few years, faced litigation across multiple fora for not only having defaulted in the payment of its debts, but also for alleged fraudulent transactions.

First was, in May 2014, the