MUMBAI: A two judge bench of the Mumbai national company law tribunal (NCLT) has ordered the liquidation of the apparel maker Reid & Taylor (R&T) after none of the suitors to the company were able to garner the required funding guarantees to validate their interest in the company.
In a ruling on Tuesday judges Bhaskar Mohan and V Nallasenapathy said that investors have not been able to prove their net worth before the court giving the bench no option but to order liquidation of the company.
Liquidation of the company is in line with the suggestion by the resolution professional and creditors of the company after they failed to find a buyer for the company more than nine months after dragging it to NCLT.
Three entities namely an R&T emplo…
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