The bankruptcy court in Mumbai has admitted Oban Fashions Pvt Ltd, a wholly-owned subsidiary of listed Knitwear brands Rupa & Co Ltd under the Corporate Insolvency Resolution Process (CIRP) in an application filed by its operational creditor Sunrise Knitting Mills Pvt Ltd. The Mumbai bench of the National Company Law Tribunal (NCLT) admitted the company and appointed Sanjay Ramdas Mahajan as an Interim Resolution Professional (IRP). During 2016 and 17, Oban Fashions entered into licensing agreements with international fashion brands such as FCUK and Fruit of the Loom to market and distribute these brands in India.
“The debt so owed by the corporate debtor (Oban Fashions) to the operational creditor (Sunrise Knitting Mills) against the…
