Reid & Taylor India (RTIL) has been admitted for insolvency and bankruptcy proceedings at the National Company Law Tribunal (NCLT) bench here. The Corporate Insolvency Resolution Process has begun and the 180-day deadline for a resolution plan set in.
Edelweiss Asset Reconstruction Company (ARC) and Finquest Financial Solutions had filed petitions in this regard. Reid and Taylor India has defaulted on loans worth over Rs 50 billion.
The bench of Bhaskara Mohan and V Nallasenapathy had adjourned Edelweiss ARCs case last week. A source said the latters petition had to be amended as the respondent’s (Reid and Taylor Indias) name was wrong or had been changed.
The company rece…
Read the full article at: http://www.business-standard.com/article/companies/insolvency-proceedings-kick-off-against-reid-taylor-india-118040601327_1.html
