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 bankrupt company.Applicants would be asked to submit binding bids later next month, said one of the person quoted above.Reid Taylor, 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.
Three ARCs Arcil, Edelweiss ARC and JM Financial ARC also have exposure in Reid Taylor.
Reid Taylors parent company, S Kumar Nationwide, too is facing bankruptcy proceeding from lenders.
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.