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Gujarat co may invest to support Reid & Taylor staff union
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SME Times News Bureau | 16 Jan, 2019
A Gujarat-based company has been proposed as a new investor to support
the employees' association of the beleaguered Reid and Taylor after a
Hong Kong group failed to honour its commitment for depositing its
promised earnest deposit money before the National Company Law Tribunal
(NCLT) here on Tuesday.
The NCLT has asked the CFM Asset
Reconstruction Pvt Ltd (CFMARPL), Gujarat, to deposit Rs 2 crore within
48 hours and another Rs 3 crore with the resolution professional, and
posted the matter for further hearing on January 17.
The NCLT has
assured that after they provide the initial amount (Rs 2 crore), the
resolution professional would be directed to provide the necessary
documents of the company to enable them (CFMARPL) prepare a resolution
plan.
CFMARPL CEO S.V. Shah said the company has a net worth of over Rs 100 crore besides managing assets of around Rs 1,200 crore.
Incidentally,
SPGP Holdings, Hong Kong, which had claimed a net worth of Rs 70 crore
was later calculated by the resolution professional to around Rs 7 crore
only.
Last December, the creditors' committee had moved the NCLT
for liquidation of the Reid & Taylor as there were no credible
investors ready to submit a resolution plan for the debt-hit fashion
brand.
However, the employees' association, backed by SGPF
Holdings, has requested the NCLT for an opportunity to help bail out the
company by submitting a resolution plan.
The NCLT, presided over
by B.P. Mohan and V. Nallasenapathy, had stalled the liquidation
process by giving an extra 11 days time for the corporate insolvency
resolution process after the 270-day time period for a resolution
proposal of the company ended.
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