NCLT orders liquidation of Reid & Taylor

Mumbai: The National Company Law Tribunal (NCLT) Mumbai on Tuesday ordered the liquidation of the debt-hit fashion textile major Reid & Taylor after all attempts to revive it failed. The NCLT Mumbai bench comprising B.M. Mohan and V. Nallasenapathy ruled that the investors have failed to satisfy their networth before the NCLT and hence there are no options left but to order the liquidation of the company, preferably as a going concern.

The ruling came after several investors proposed by the Employees Association and other bidders in the past few months failed to satisfy the basic criteria to take over the sick company, burdened by a default of Rs 4,100 crore. “We call upon the registrar and Resolution Professional (RP) to put in their best efforts to ensure that the company is sold as a going concern,” the NCLT Mumbai Bench said in their oral order this evening. (IANS)

Also Read: Business News