02 September 2023, Mumbai
IN BRIEF
Lenders to Bombay Rayon Fashions have rejected all the resolution plans received for the textile manufacturer's assets. The company has admitted liabilities of ₹7,234 crore, including ₹6,690 crore financial dues.
Over a dozen companies, including Lalbhai Group-promoted Arvind, had shown interest in acquiring the company through the insolvency resolution process. However, the lenders were not satisfied with the proposals received.
The company's resolution professional will now need to file a fresh report with the National Company Law Tribunal (NCLT). The NCLT will then decide whether to initiate the liquidation process of the company.
