Arvind Ltd Among 13 Suitors Eligible To Acquire Bombay Rayon Fashions

Bombay Rayon Fashions Ltd.’s Resolution Professional Satish Kumar Gupta said a total of 13 suitors, including Arvind Ltd. and GBTL Ltd., are provisionally eligible to acquire the bankrupt company.

Other eligible prospective resolution applicants (PRAs) are Rashmi Metaliks Ltd., Khandwala Finstock Private Ltd. and JM Financial Asset Reconstruction Company Ltd., Gupta said in a stock exchange announcement. The provisional list of eligible PRAs also includes two consortium of individuals, he added.

Following is the full provisional list of eligible PRAs:

Gupta said the final list of PRAs will be dependent on the applicants addressing and rectifying the concerns raised by the resolution professional.

The development comes after Gupta in January sought fresh expression of interest for Bombay Rayon, which didn't get any bids from suitors in the previous attempt in October 2022.

The National Company Law Tribunal initiated the insolvency resolution against the Mumbai-based company on 7 June 2022 following an application filed by Vikash Parasrampuria, sole proprietor of Charanjilal Yarn Traders.

Majority of the fixed assets of Bombay Rayon, whose creditors in January extended its insolvency resolution period, are located in Tarapur in the western state of Maharashtra and Bengaluru in the southern Indian state of Karnataka.

(Send feedback to editor@cornerofficejournal.com)