Dhir & Dhir Associates advised and represented ICICI Bank, before the insolvency court for recovery of its dues in the matter of Reid & Taylor (India) Ltd (RTL), a subsidiary of S.Kumar Nationwide Ltd. . Total exposure of RTL towards several Banks/ FIs / Securitization companies is approx 1430 Cr. including ICICI Bank (one of the largest secured creditor of the company) with an exposure of ` 121 Cr .

Dhir & Dhir Associates successfully represented the bank before the insolvency court (filed the objections on behalf of bank) and was successful in getting the reference of RTL, dismissed in the very first hearing, based on various arguments pertaining to non- existence of industrial character of RTL, it approached the court with unclean hands as there were huge manipulation in accounts, losses were hugely overstated and audited accounts were not reliable.

The dismissal of reference shall enable ICICI to resort to various legal measures quickly for recovery of its dues.

Deal Value was of INR 235,739,090.