Provogue has its own garment manufacturing facilities in Daman and in Baddi, Himachal Pradesh. Photo: Mint
Mumbai: The Mumbai bench of the National Company Law Tribunal admitted Provogue (India) Ltd for insolvency resolution on Thursday, making it the fourth company from the textile and garment sector to attempt loan resolution in bankruptcy courts.
Reid & Taylor India Ltd, Mandhana Industries and Alok Industries Ltd are already in various stages of insolvency resolution.
State-run Andhra Bank, which filed the insolvency petition before the Mumbai bench of the National Company Law Tribunal (NCLT), has claimed dues of 90 crore.
Its total debt to all lenders add up to 228 crore.
Other lenders include IndusInd Bank, Corporation Bank, Punjab Nat…
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