Insolvency proceedings kick off against Reid & Taylor India

Reid & Taylor India (RTIL) has been admitted for insolvency and bankruptcy proceedings at the National Company Law Tribunal (NCLT) bench here. The Corporate Insolvency Resolution Process has begun and the 180-day deadline for a resolution plan set in. 

Edelweiss Asset Reconstruction Company (ARC) and Finquest Financial Solutions had filed petitions in this regard. Reid and Taylor India has defaulted on loans worth over Rs 50 billion. 

The bench of Bhaskara Mohan and V Nallasenapathy had adjourned Edelweiss ARC’s case last week. A source said the latter’s petition had to be amended as the respondent's (Reid and Taylor India’s) name was wrong