According to the proceedings, the majority of the committee of creditors (CoC) across the three firms independently voted to appoint Anish Nanavati as the RP to replace the existing interim resolution professionals (IRP).
These two companies had on June 10 dragged the airline to the NCLT seeking bankruptcy proceedings. The airline, which was grounded on April 17, owes Rs 8.74 crore to Shaman Wheels and Rs 53 lakh to Gaggar Enterprises.
Reid & Taylor was launched by S Kumar’s Nationwide (SKNL) in India in 1998 with a fabric plant at Mysuru in Karnataka. The company had around 1,200 employees. SKNL is also facing bankruptcy proceedings.
Keeping in view the allegations of large scale fraud of government grants by the AEPC, the then Textiles Secretary Rashmi Verma wrote in July 2016 to MCA that the government appoint an administrator to take over its management.