‘Bond with the Best’ brand Reid & Taylor, S Kumars head for bankruptcy

Apparel and suiting brand Reid & Taylor and its parent company S.Kumars Nationwide are headed for the bankruptcy after defaulting on more than Rs 5,000 crore of loans.
Nitin Kasliwal, promoter of S.Kumars Nationwide, is declared a wilful defaulter by most lenders and will thus not be eligible to participate in the resolution plan, the reporting said citing two unnamed senior officials.
IDBI Bank has initiated insolvency proceedings against S. Kumars Nationwide, while Edelweiss Asset Reconstruction Company has dragged Reid & Taylor to insolvency court.
At its peak in fiscal 2012, S.Kumars’ profits jumped to Rs 470.84 crore, but soon it fell on bad times, leading the promoters to pledge their shares to financial institutions.
“Lenders are looking at a comprehensive debt restructuring package for both companies since Reid & Taylor has synergies with S. Kumars Nationwide,” said a senior official cited above.
To the National Company Law Tribunal (NCLT), lenders have suggested Abhay Manudhane as the resolution professional who would oversee the bankruptcy proceedings at both companies.