STOCK MARKET BSE NSE

Insolvency initiated against TBZ & Sons Retail

Tribhovandas Bhimji Zaveri and Sons Retail is a different company and does not form part of the group or brand TBZ under the Shrikant Zaveri Group, the company said in a regulatory filing to bourses.

Published: 21st December 2019 11:07 PM  |   Last Updated: 22nd December 2019 10:58 AM   |  A+A-

By Express News Service

NEW DELHI:  The Mumbai bench of National Company Law Tribunal has ordered that corporate insolvency resolution process be initiated against Tribhovandas Bhimji Zaveri and Sons Retail Private Limited, after the company filed for bankruptcy.

Meanwhile, in a clarification issued to the stock exchanges on Friday, jewellery retail chain Tribhovandas Bhimji Zaveri Limited (TBZ) explained that it is in “no way connected” with the insolvent firm, Tribhovandas Bhimji Zaveri and Sons Retail Private Limited.

Tribhovandas Bhimji Zaveri and Sons Retail is a different company and does not form part of the group or brand TBZ under the Shrikant Zaveri Group, the company said in a regulatory filing to bourses. 

“We would like to clarify that Tribhovandas Bhimji Zaveri is neither connected nor does it have any relation with, Tribhovandas Bhimji Zaveri and Sons Retail Private Limited,” the regulatory filing said.

Tribhovandas Bhimji Zaveri Limited further clarified that its promoters do not hold any shares of Tribhovandas Bhimji Zaveri and Sons Retail. TBZ Ltd also clarified that none of its promoters are in the management or in control of the company that is undergoing insolvency proceedings.

In an order dated December 16, the NCLT Mumbai bench had asked all creditors of the company to submit their financial claims with proofs to the resolution professional by January 3. The tribunal has announced appointment of Harshul Anikant Shah as the interim resolution profession for the debt-ridden firm.The insolvency is expected to be completed by June 12, 2020, as per the 180-day deadline rule for resolution of a bankrupt company under the Insolvency and Bankruptcy Code.
 



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp