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.