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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Reid & Taylor India shut down after mounting debt, weak factory utilization and failed attempts to find a financially qualified revival buyer. The Mumbai bench of the National Company Law Tribunal (NCLT) ordered liquidation on 5 February 2019, but that was not the day production stopped: the liquidator said operations continued during an effort to run the business as a going concern, before the Nanjangud factory closed in May 2020.
How the brand went from launch to insolvency
S Kumars Nationwide launched Reid & Taylor in India in 1998, building the business around fabric and premium apparel production. The brand was promoted in association with Pierce Brosnan, who played James Bond, and Indian actor Amitabh Bachchan. [The Indian Express; The Economic Times]
The company entered insolvency proceedings on 10 April 2018, after Edelweiss ARC’s filing over a reported ₹66-crore loan default was admitted. In January 2019, reporting described a business carrying more than ₹4,100 crore in lender debt, while its Mysuru plant was operating below 30% of installed capacity and incurring cash losses. The same report put the workforce at around 1,200. [The Economic Times; The Indian Express]
Why revival efforts did not prevent liquidation
Creditors had received eight expressions of interest, but no resolution plan was submitted. In January 2019, the NCLT gave an employee-union-backed proposal further consideration and sought eligibility and financial details from potential investors. The tribunal’s stated preference for resolution did not produce a viable bid: according to February reporting, bidders failed to establish the required net worth or funding capacity. The NCLT ordered liquidation on 5 February 2019. [The Economic Times; The Economic Times]
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The scale of the financial gap is clearer in the Insolvency and Bankruptcy Board of India’s case data: it records ₹4,163.27 crore in admitted claims, including ₹4,092.70 crore from financial creditors and ₹70.57 crore from operational creditors, against a liquidation value of ₹129.33 crore. These are figures for the insolvency case, not a current valuation of the Reid & Taylor brand. [IBBI CIRP dataset]
Liquidation did not necessarily mean an immediate factory shutdown. The Indian Express reported that the order preferred liquidation as a going concern, allowing the liquidator to try to continue or sell the business rather than close it at once. [The Indian Express]
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the factory finally closed in 2020
Moneycontrol reported on 21 May 2020 that the factory in Thandya Industrial Area, Nanjangud, had closed. Liquidator Ravi Sankar Devarakonda said he had tried to run the company as a going concern for more than 14 months after liquidation began. He cited a lack of sale orders, continuing losses, insufficient working-capital support from customers and creditors, and the end of an arrangement with RNT distributors. [Moneycontrol]
What the reported audit findings do—and do not—show
In 2019, The Indian Express reported that a resolution professional had filed an application following a KPMG special audit. The reported findings included ₹1,810.11 crore in transactions described as allegedly undervalued inter-company and intra-company purchases, and ₹1,713.88 crore in write-offs for which the resolution professional said supporting evidence was missing. The professional reportedly put the combined amount at ₹3,523.99 crore. [The Indian Express]
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In October 2020, The Indian Express reported that the Serious Fraud Investigation Office had begun a probe following an NCLT directive, concerning transactions from October 2014 to April 2018. These are reported audit concerns and investigative steps—not proof of a final criminal conviction or a judicial finding of guilt against a named person. [The Indian Express]
What is established about the brand after the shutdown
The reporting establishes the liquidation order in 2019 and the factory closure in 2020. It does not establish the company’s final legal dissolution or the ultimate disposition of its assets or brand. The factory’s closure therefore explains why production stopped; it does not, on its own, establish what happened to every Reid & Taylor asset or any later brand rights.
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