INSUBCONTINENT EXCLUSIVE:
Mumbai: A few asset reconstruction companies and some foreign funds have shown interest in acquiring Reid Taylor, a fashion brand that was
once endorsed by Bollywood superstar Amitabh Bachchan
Lenders have received expressions of interest from Sudhir Valia-owned Suraksha ARC, Asset Reconstruction Company of India Ltd (Arcil),
Invest ARC, Kotak Mahindra Bank-promoted Phoenix ARC and Acre ARC, which is backed by SSG Capital, a Singapore-based fund
Some foreign funds such as Eight Capital and Carlyle have also shown interest, said the people quoted above.
The resolution professional had
said that only those entities with networth of Rs 50 crore and Rs 250 crore of assets under management would be eligible to bid for the
owned by Kasliwals is facing bankruptcy proceedings after it defaulted on loans
It faces claims of Rs 4,106 crore from lenders such as Finquest Financial Solution, Union Bank of India, Punjab National Bank, ILFS
Financial Services, IDBI Bank and LT Finance
While IDBI Bank has initiated insolvency proceedings against S Kumars Nationwide, Edelweiss Asset Reconstruction Company referred Reid
Taylor (India) to the insolvency court
Nitin Kasliwal, promoter of S Kumars Nationwide, was declared a wilful defaulter by most lenders and thus he is not be eligible to
participate in the resolution plan
While Nitin Kasliwal has given personal guarantee to most lenders, a corporate guarantee of S Kumars Nationwide Ltd is issued to few lenders
such as Union Bank and LT Finance.
The resolution professional has received a claim of Rs 7,571 crore for S Kumar Nationwide from lenders
which also includes Rs 425 crore claims from Reid Taylor.
