BREAKING NEWS

Advertisement

Business

Updated on: Friday, December 20, 2019, 08:47 PM IST

Tribhovandas Bhimji Zaveri clarifies after misleading bankruptcy claim

Many mistook one company for another, finally forcing TBZ to issue a statement of clarification
Advertisement

Tribhovandas Bhimji Zaveri (TBZ) Ltd. today found itself caught in a case of mistaken identity after an order from the National Company Law Tribunal to begin the corporate insolvency resolution process for Tribhovandas Bhimji Zaveri & Sons Retail Private Limited after the latter filed for bankruptcy.

Many mistook one company for another, finally forcing TBZ to issue a statement of clarification.

"Tribhovandas Bhimji Zaveri Ltd. is neither connected, nor does have any relation with "Tribhovandas Bhimji Zaveri & Sons Retail Private Limited", which has gone in to corporate insolvency resolution process,nor do the promoters / the management of the company hold any shares / are in the management or control of Tribhovandas Bhimji Zaveri & Sons Retail Private Limited," the company wrote.

According to a Livemint article, the NCLT has ordered all creditors to submit their financial claims with relevant proof to the resolution professional by January 3.

Going by the 180-day rule for resolution under the Insolvency and Bankruptcy Code, the resolution should be completed by June 20.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Friday, December 20, 2019, 08:47 PM IST
Advertisement