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Reid & Taylor to be liquidated: NCLT Mumbai

IANS  |  Mumbai 

The Tribunal (NCLT) on Tuesday ordered the of textile and fashion after all attempts to revive it failed.

The NCLT bench comprising B.M. Mohan and V. Nallasenapathy ruled that the investors have failed to satisfy their networth before the NCLT and hence there are no options left but to order the of the company, preferably as a going concern.

The ruling came after several investors proposed by the and other bidders in the past few months failed to satisfy the basic criteria to take over the company.

"We call upon the and Resolution Professional (RP) to put in their best efforts to ensure that the company is sold as a going concern," the NCLT Bench said in their oral order this evening.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 05 2019. 19:42 IST
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