Rs 5,000 Cr Loan Defaults Drags Reid & Taylor, S Kumars To Court
Rs 5,000 Cr Loan Defaults Drags Reid & Taylor, S Kumars To Court

Once promoted by highest paid celebrities like Amitabh Bachchan, S. Kumars Nationwide owned Reid & Taylor, fashion brand are under trial in bankruptcy courts after they defaulted on more than Rs 5,000 crore of loans.

Nitin Kasliwal, promoter of S. Kumars Nationwide, is declared a wilful defaulter by most lenders and will thus not be eligible to participate in the resolution plan.

The insolvency proceedings were initiated by IDBI Bank against S. Kumars Nationwide, while Edelweiss Asset Reconstruction Company has dragged Reid & Taylor (India) to insolvency court.

The senior official cited above said, “Lenders are looking at a comprehensive debt restructuring package for both companies since Reid & Taylor has synergies with S. Kumars Nationwide. Therefore, it is decided to appoint the same resolution professional for both the companies.”

To the National Company Law Tribunal (NCLT), lenders have suggested Abhay Manudhane as the resolution professional who would oversee the bankruptcy proceedings at both companies.

 
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