RP of Reid & Taylor moves NCLT, files criminal case against promoters

IDBI bank had initiated the insolvency proceeding against the promoters of the company nationwide over the nonpayment of dues to the tune of Rs 4100 crore to banks and other lenders

The resolution professional of Reid & Taylor has approached the Mumbai Bench of the National Company Law Tribunal (NCLT) with a criminal action lawsuit against the promoters for a fraud of ~1,810 crore. Venkatesan Sankaranarayan, the resolution professional, in his affidavit has said the promoters carried on the business of the corporate debtor with the intent to defraud the creditors. Moreover, he has sought the tribunal to order the promoters to not dispose off their personal assets  until the discharge of the liability.

He has asked the tribunal to hold the promoters of the company liable to contribute to the assets