Bombay Rayon Fashions To Go Under Liquidation

Bombay Rayon Fashions Ltd.’s committee of creditors voted to liquidate the insolvent textile manufacturer.

The creditors approved the liquidation of Bombay Rayon by a majority voting share of 99.77% under the bankruptcy law, the company’s Resolution Professional Satish Kumar Gupta said in a stock exchange announcement today.

The creditors had competed the electronic voting on Bombay Rayon’s liquidation on 6 September after rejecting all resolution plans received for various assets of the company last month.

In March 2023, Gupta said a total of 13 suitors, including Arvind Ltd. and GBTL Ltd., were provisionally eligible to acquire the bankrupt company.

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.

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