Lalbhai group-promoted Arvind Ltd, entities of Donear, Welspun, JM Financial and a dozen others are in the fray for textile maker Bombay Rayon Fashion Ltd (BRFL), according to a report by Economic Times.
BRFL is currently undergoing insolvency proceedings. Donear Group's GBTL has bid for all assets of the textile company, on the other hand Arvind has bid for all categories, except equity of BRFL Textile, according to a list of applicants disclosed by Satish Kumar Gupta, resolution professional (RP), on the company's website.
Welspun's Nakoda Cotton Industries submitted an expression of interest (EoI) for all categories except equity and bonds of BRFL Textile and JM Financial Asset Reconstruction Company of JM Financial Properties has submitted expressions of interest for all categories, the report said.
The other applicants that submitted EoI include Rashmi Metaliks, Khandwala Finstocks, Linen Arts and Dev Land & Housing.
The RP has admitted liabilities of 7,234 crore, which includes 6,690 crore in financial dues, the report stated.
In June 2022, the National Company Law Tribunal (NCLT) Mumbai bench admitted the textile company for corporate insolvency at the behest of a plea filed by Vikash Parasprampuria of Chiranjilal Yarn Traders against the textile maker.
Later, Prashant Agrawal, the company's suspended board member, appealed the ruling at the National Company Law Appellate Tribunal (NCLAT). It also upheld the tribunal's order on July 15, the report said.
Janardhan Agrawal promoted Bombay Rayon have their textile-making units in Maharashtra, Bengaluru, Kerala, and Indore. The promoters failed to repay loans under corporate debt restructuring scheme, following which several unsuccessful attempts were made to recast the loans, said people with knowledge to ET.
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