PE Fund Investments
Plutus acquires apparel seller Provogue for under Rs.100-Cr
Apparel company Provogue is being acquired by investment firm Plutus for under INR 100 crore. The company is being acquired as a going concern after NCLT ordered its liquidation way back in October 2019. Protracted litigation resulted in delays in the final outcome of its insolvency proceedings. Provogue went into insolvency in 2018 with a debt burden of over INR 300 crore that it was unable to service. At the pre-liquidation stage, the company had received resolution plans from Donear and a consortium involving its former promoters, Nikhil Chaturvedi and Salil Chaturvedi. However, the company's creditors rejected both resolution plans forcing it into liquidation. The company's financial creditors are Andhra Bank, Bank of India, Central Bank of India, IndusInd Bank and Punjab National Bank.
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