RG Shaw & Sons Pvt Ltd, a 79-year old seller of liquor, spirits and wine in Kolkata, is heading for liquidation as the promoters did not submit resolution plans while it defaulted working capital loans from State Bank of India and other unsecured financial creditors, two people familiar with the development said.
The company defaulted on a loan of about Rs 80 crore, where SBI has 95% exposure.
“The promoters and corporate guarantors have failed to come up with a resolution plan within the extended deadline. There was no other resolution applicant. Hence liquidation is now inevitable,” resolution professional Sumit Binani told ET.
SBI declined to comment on the matter.
Binani submitted the progress report on debt resol…
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