The Mumbai bench of the National Company Law Tribunal (NCLT) has accepted a bid by an unregistered union of the premium apparel brand Reid & Taylor India to take over the firm, stalling liquidation and has posted the matter for further hearing on January 8.
Reid & Taylor, owned by the Kasliwal family-run S Kumar Group, which is also facing bankruptcy proceedings, owes over Rs 4,100 crore to banks and other lenders.
The committee of creditors had on December 14, 2018 decided to go in for liquidation as no resolution plan was submitted even though it got eight expressions of interest.
Its lenders and financial creditors include Finquest Financial Solution which is the largest with close to Rs 800 crore of claims, Union Bank…
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