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The Madras High Court has passed an order to wind up Edserv Softsystems Ltd and appointed an official liquidator to take charge of the company.
The order was passed on September 17 based on a petition filed by India Factoring and Finance Solutions, according to a press note from India Factoring.
India Factoring in the petition said that promoters of the Chennai-based Edserv had failed to repay an outstanding amount of Rs 1.16 crore.
India Factoring is a joint venture with Punjab National Bank, the Malta-based credit institution-FIM Bank Group and the Italy-based Banca IFIS, says a release issued by India Factoring.
EdServ officials declined to comment saying the matter was in the court.
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