MUMBAI: The Mumbai chapter of the National Company Law Tribunal (NCLT) last week admitted textiles and apparel company S Kumars Nationwide for insolvency proceedings after the state-owned IDBI Bank filed an application to recover about Rs 1,700 crore in unpaid loans.
The company, which owned the premium brand Reid & Taylor in India, has total dues of about Rs 2,500 crore to financial creditors. Other lenders to the company include JM Financial, Punjab National Bank, Central Bank of India, Union Bank of India and Arcil.
Abhay Manudhane has been appointed as the interim resolution professional (IRP).
In just two hearings, the NCLT court has admitted the S Kumars insolvency case. A committee of creditors led by IDBI Bank, which is my cli…
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