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NCLT admits TBZ & Sons Retail for insolvency proceedings

New Delhi: The Mumbai bench of National Company Law Tribunal (NCLT) has ordered the commencement of corporate insolvency resolution process against Tribhovandas Bhimji Zaveri and Sons Retail Pvt Ltd, after the company filed for bankruptcy.

In an order dated 16 December, the tribunal ordered all creditors of the company to submit their financial claims with proofs to the resolution professional of the company by 3 January. Harshul Anikant Shah has been appointed as the interim resolution professional of the debt-ridden company.

The resolution process of the company is expected to be completed by 12 June, 2020, as per the 180-day deadline rule for resolution of a bankrupt company under the Insolvency and Bankruptcy Code (IBC).

In a clarification issued to the stock exchanges on Friday, jewellery retail chain Tribhovandas Bhimji Zaveri Ltd (TBZ) said it is in “no way connected” to Tribhovandas Bhimji Zaveri and Sons Retail.

“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,” TBZ said.

TBZ added that neither the promoters nor the management of its company hold any shares or are in management or control of the company undergoing insolvency proceedings.

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, TBZ said.

Source: Livemint