Mumbai : The National Company Law Tribunal on Friday initiated insolvency resolution proceedings against S Kumars Nationwide Ltd’s subsidiary Reid & Taylor India on a plea filed by Edelweiss Asset Reconstruction Co Ltd for non-payment of dues of up to Rs 66 crore. Edelweiss Asset Reconstruction Co was assigned loans of up to Rs 400 crore by some banks, of which EXIM Bank had assigned Rs 66 crore dues to the financial company. The financial creditor had filed the plea on the loans assigned by EXIM Bank.
Reid & Taylor and its parent S Kumars Nationwide’s total dues are around Rs 5,000 crore to its creditors.
The tribunal has appointed Ernst & Young as the insolvency resolution professional to oversee the process. Finquest Financial Solutions, a financial creditor, had also filed an insolvency plea against the subsidiary.