Indian Gas fails to furnish files, NCLT orders liquidation of Reid & Taylor

The tribunal also asked the registrar and the resolution professional to put in their best efforts to ensure that the company is sold as a going concern to protect the interest of the workers.

The Mumbai bench of National Company Law Tribunal (NCLT) on Tuesday ordered the liquidation of the debt ridden Reid&Taylor after the new investor, Indian Gas, failed to furnish documents that prove its net worth is over Rs 50 crore.

However, the investor was ready to pay Rs 2 crore non-refundable earnest deposit money as was asked by the tribunal to set in motion the process of providing a resolution plan for the company.

Although an investor from the United States named Phoenix GBL offered to take over the company, the bench presided over by Bhaskara Pantula Mohan and V Nallasenapathy