The Interim Resolution Professional (IRP) of the debt-ridden RTIL, formerly Reid & Taylor (India), has called for an expression of interest (EoI) from prospective lenders seeking a resolution plan in accordance with the provisions of the Insolvency and Bankruptcy Code (IBC).

RTIL, a vertically integrated and premium clothing provider that sells under the international brand ‘Reid & Taylor’ in India, is struggling to pay off its ₹3,800-crore debt.

The basic criteria to submit a resolution plan is a minimum consolidated net worth of ₹50 crore at group level as of March 31, 2017.

The applicants should also have a total of at least ₹250 crore of assets under management or loan portfolio as of fiscal ended March 31, 2017, according to a notice issued by IRP Venkatesan S of EY.

Besides, consortium investors with a total net worth of ₹50 crore are also eligible.

Financial investors, including mutual funds, private equity firms, venture capital funds, domestic and foreign institutional investors, non-banking finance companies, asset reconstruction companies, banks and similar entities, may also apply.

The last date for EoIs is June 30, 2018, said the notice, a copy of which was reviewed by BusinessLine .

In March this year, Edelweiss Asset Reconstruction Company (an assignee of debts by the Export Import Bank of India) had moved the National Company Law Tribunal (NCLT) initiating insolvency process following a ₹66-crore loan default. A similar liquidation petition was filed by Finquest Financial Solutions, a financial lender, seeking repayment of ₹775 crore.

In its order dated April 10, NCLT accepted Edelweiss ARC’s petition and had restrained the company from transferring, encumbering, alienating or disposing any of its assets until the case was decided.

The apparel range of Reid & Taylor, a brand earlier endorsed by actors Amitabh Bachchan and Pierce Brosnan, included formal and casual daywear suits, jackets, trousers, shirts and ties, accessories. T-shirts, jeans and other weekend wear.

In 2008, Singapore’s GIC Special Investments invested ₹900 crore in lieu of a 25.4 per cent stake, valuing the brand at ₹3,540 crore.

In India, RTIL still runs a factory with about 30-40 per cent production capacity in Mysuru, and employs about 1,200 personnel.