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.