Bombay Rayon Creditors Grant Approval To Sell Some Assets

Bankrupt Bombay Rayon Fashions Ltd. said its committee of creditors gave its nod to sell some assets of the company.

The creditors approved the sale of certain assets on 11 November, the apparel manufacturer said in a stock exchange announcement. The sale will be subject to the approval of National Company Law Tribunal (NCLT), it added.

Bombay Rayon, which is under insolvency resolution, said the creditors also discussed about the response to the expression of interest for the company.

Last month, the resolution professional of Bombay Rayon sought expression of interest for the company from potential suitors.

NCLT initiated the corporate insolvency resolution process against the company on 7 June 2022 following an application filed by Vikash Parasrampuria, sole proprietor of Charanjilal Yarn Traders.

Bombay Rayon is undergoing insolvency resolution since 7 June 2022.