Bombay Rayon Creditors Reject All Resolution Plans

Bombay Rayon Fashions Ltd.’s creditors rejected all resolution plans received for bankrupt company.

The committee of creditors decided to reject all resolution plans received for various assets of the company after deliberation on 29 August, Bombay Rayon's Resolution Professional Satish Kumar Gupta said in a stock exchange announcement today.

He didn’t reveal the number of resolution plans received from suitors.

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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