Satish Gupta, known for Essar Steel resolution, appointed as RP for Bombay Rayon

Satish Kumar Gupta, popularly known as the resolution professional of Essar Steel, has been appointed by the Mumbai tribunal as RP for Bombay Rayon Fashion.
The Mumbai National Company Law Tribunal replaced Santanu Ray, who was appointed as interim resolution professional (IRP), with Gupta, an order posted on the tribunal’s website shows. The tribunal said that 100% of the committee of creditors had voted to appoint Gupta as RP.

Textile maker Bombay Rayon Fashion has admitted claims of Rs 6690.9 crore from secured financial creditors, including 91% of debt share from J M Financial ARC and 9% of claims from Axis Bank. The company was admitted for insolvency proceedings by an operational creditor in June this year.


Satish Gupta, supported by Alvarez & Marsal, successfully led the resolution of Ruias promoted Essar Steel, resulting in 92% recovery of total dues for lenders.
Janardhan Agrawal promoted Bombay Rayon has a textile-making unit in Maharashtra, Bangalore, Kerala, and Indore. The promoters failed to repay loans corporate debt restructuring scheme, following which several unsuccessful attempts were made to recast the loans, said people with knowledge.