Millennium Post

Give HK investor info, NCLT tells Reid & Taylor union

Mumbai: The National Company Law Tribunal (NCLT) Tuesday asked the union of the bankrupt premium apparel brand Reid & Taylor to provide the Hong Kong-based investor's financial details for 2017-18 on Thursday.

The Mumbai NCLT bench headed by Bhaskara Pantula Mohan and V Nallasenapathy directed the Employees Welfare Association of the company, which has just been registered, to produce the certified financial accounts of SP Growth Partners of Hong Kong for 2017-18 by Thursday when it will resume hearing on the matter.

SP Growth Partners was also a co-applicant with the RTIL Employees Welfare Association to take over the company, whose creditors had voted for liquidation as none of the eight parties who presented their expressions of interest showed any interest thereafter.

The bench also directed the resolution professional, who mentioned another two other unnamed investors from the US and Britain, to be in touch both these investors. The bench had accepted a bid by the association to take over the firm on January 4.

Reid & Taylor India, owned by the Kasliwal family-run S Kumar Group, which is also facing bankruptcy proceedings, owes over Rs 4,100 crore to banks and other lenders.

The committee of creditors, who include Finquest Financial Solution which is the largest with close to Rs 800 crore of claims, Union Bank of India, Punjab National Bank, IL&FS Financial Services, IDBI Bank and L&T Finance etc, had on December 14, 2018 voted for liquidation.

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