Earlier, a similar liquidation petition is also filed by Finquest Financial Solutions against Reid & Taylor (India) for defaulting on around Rs775 crore. Photo: MintMumbai: 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. 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.

Source: Mint April 07, 2018 06:56 UTC