NCLT admits the insolvency application against Reid & Taylor India, appoints IRP
Mumbai: The National Company Law Tribunal (NCLT) on Friday admitted an insolvency application filed by Edelweiss Asset Reconstruction Company (ARC) against Reid & Taylor (India), a fashion brand once endorsed by superstar Amitabh Bachchan.
The tribunal also approved an appointment of Venkatesan from EY as the interim resolution professional in the case.
A division bench comprising Bhaskara Pantula Mohan and V. Nallasenapathy admitted the insolvency petition filed by Edelweiss ARC, which is seeking to recover Rs66 crore in dues from the Reid & Taylor (India).
Earlier, a similar liquidation petition is also filed by Finquest Financial Solutions against Reid & Taylor (India) for defaulting on around Rs775 crore. The financial lender had suggested the name of Venkatesan as IRP, which was agreed to by Edelweiss ARC. The tribunal disposed of the case filed by Finquest to avoid duplication.
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