The Reid & Taylor Employees Welfare Association, which has put up an application with NCLT to take over the firm, has written to the Insolvency and Bankruptcy Board of India (IBBI) alleging that resolution professional is pushing for liquidation and not a resolution.
In a letter written on January 4 to the IBBI, the association questioned the intentions of RP, Venkatesan Sankaranarayan, and alleged that he was working hand in glove with Bharat Patel, the promoter of the non-bank lender Finquest Financial Solution, which is the largest creditor to the company with an exposure of Rs 775 crore.
"The resolution professional, who was appointed to find a resolution plan for our company could not identify a single investor even though the prescribed time frame of 270 days has elapsed in spite of the fact that eight investors had filed their expressions of interest," they said in the letter that
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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