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BSE-listed Rainbow Denim has been ordered to be liquidated by the Chandigarh Bench of the National Company Law Tribunal.
Amsons India, an operational creditor, took the company to the insolvency court. A committee of creditors, comprising Asset Care & Construction Enterprise Limited (with 94.04% voting share) and Edelweiss Asset Reconstruction Company Limited (with 5.96% voting share), was formed.
At the 5th meeting of the Committee of Creditors on June 24, 2020, a unanimous decision was taken to liquidate the company because there was no interest in taking over the company, despite publishing a request for Expression of Interest twice.
On Wednesday, the company’s shares closed at ₹5.90 on the BSE.
“We Manufacture World Class Denim,” says Rainbow Denim’s website.
“There are no secrets to success,” it says, adding, “Success emanates from preparation, hard work and sustained evolvement (sic), learning.”
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