Tribhovandas Bhimji Zaveri (TBZ) Ltd on Friday provided a big relief for investors after it explained that the firm Tribhovandas Bhimji Zaveri & Sons Retail Pvt Ltd, which has a similar name and has filed for bankruptcy, is in no way related to it.
"Tribhovandas Bhimji Zaveri & Sons Retail Private Limited is a different company and does not form part of the group brand TBZ- The Original, Shrikant Zaveri Group," as per the clarification issued on the Bombay Stock Exchange (BSE).
The Original TBZ added neither its management nor its promoters have any control or shares over the entity undergoing insolvency as per the public announcement.
The clarification came after a public notice appeared in a newspaper informing the lenders about bankruptcy proceedings against Tribhovandas Bhimji Zaveri & Sons Retail Pvt Ltd.
Tribhovandas Bhimji Zaveri & Sons Retail Private Ltd has filed for bankruptcy after an order from the National Company Law Tribunal (NCLT) to begin the corporate insolvency resolution process (CIRP).
The NCLT has ordered creditors of the company to submit their claims with a proof to the interim resolution professional on or before January 3, 2020. Additionally, as per the 180-day rule for a resolution under the Insolvency and Bankruptcy Code (IBC), the resolution is expected to be completed by June 2020.
(Edited by Vivek Dubey)
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