Fashion company declared as Wilful defaulter

Mumbai Mar 9: Recently a Major scam has erupted and currently many companies are facing heat as they may be soon arrested for not paying the loans taken from the bank so in order to escape them many companies are running towards Bankruptcy court so that they can escape from the debt crisis.

Recently Reid & Taylor, a fashion brand once endorsed by superstar Amitabh Bachchan, and its parent company S.Kumars had been declared wilful Defaulter by banks and the company has approached bankruptcy code. The Company had defaulted Rs 5000 Cr to the bank.

IDBI has already initiated the insolvency proceedings against S. Kumars Nationwide, while Edelweiss and Asset Reconstruction Company has complained against Reid & Taylor (India) to insolvency court.