Bombay Rayon Creditors Extend Insolvency Resolution Period

Bombay Rayon Fashions Ltd. said its creditors extended the company’s corporate insolvency resolution process (CIRP) period by 90 days.

The creditors approved the proposal to extend the CIRP period following an electronic voting, the apparel manufacturer said in a stock exchange announcement. It didn’t provide further details.

The creditors in November 2022 gave their approval to sell some assets of the company, which is undergoing insolvency resolution since 7 June 2022.

The National Company Law Tribunal (NCLT) initiated the CIRP against the company following an application filed by Vikash Parasrampuria, sole proprietor of Charanjilal Yarn Traders.