Reid & Taylor declared wilful defaults on loans, bankruptcy to come
The menswear fashion brand Reid & Taylor and its parent company S.Kumars Nationwide have defaulted on over 5,000 crore rupees (approximately 751.6 million US dollars) worth of loans which has led to being labelled as wilful defaulters.
Reid & Taylor, the menswear brand specialising in suits and smart casual wear, is set to head to bankruptcy court with its parent company following huge defaulting on loans. The Promoter of S.Kumars Nationwide, Nitin Kasliwal, has been labelled as a wilful defaulter by a number of firms that lent his business money and so he will not be able to take part in the plan moving forward.
The IDBI Bank has begun insolvency proceedings against S.Kumars Nationwide. Moreover, Reid & Taylor India has been taken to insolvency court by Edelweiss Asset Reconstruction Company. On March 9, the Economic Times quoted an unnamed senior official as saying that lenders are formulating a “debt restructuring package” for both Reid & Taylor and S.Kumars.
Lenders have advised the National Company Law Tribunal (NCLT) to appoint Abhay Manudhane as the Resolution Professional who would oversee bankruptcy proceedings for both companies moving forward.
Reid & Taylor was founded in 1839 and entered India in 1998 with S.Kumars Nationwide Limited (SKNL) when it also opened a plant in Mysore. The celebrity Amitabh Bachchan became the face of the brand in 2003.
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