Bina Shah, Seema Goel successfully bid for Richfeel Health & Beauty
The company that has pledged a bald-free India had to be rescued curiously by a consortium of two women – Bina shah and Seema Goel – who successfully bid for the insolvent company. The Rs 35-crore resolution plan by the consortium for Richfeel Health & Beauty Pvt Ltd has been approved by the Mumbai bench of the National Company Law Tribunal (NCLT). The resolution plan was earlier approved by the Committee of Creditors by a vote share of 90.41%.
As per the resolution plan submitted by Bina Shah and Seema Goel, secured financial creditors would receive Rs 24.43 crore against their total claims of Rs 79.35 crore. Unsecured financial creditors will receive Rs 18.29 lakh, 10% of their total claims of Rs 18.29 crore. Operational creditors will get Rs 10.22 lakh against their total claims of Rs 10.22 crore. A sum of Rs 10 crore has been allocated for working capital needs. Together the creditors had claimed Rs 111 crore.
About Richfeel Health & Beauty Pvt Ltd
Richfeel Health & Beauty Pvt Ltd provides services of hair care, beauty, personal care encompassing diagnosis, counseling, medication, and treatment with patented methods. The Corporate Debtor produces its cosmetic products at factories located in Baddi and Parwanoo, Himachal Pradesh. It manages 49 clinics nationwide through franchise arrangements. The products manufactured at the factories are supplied to the clinics for rendering services to the customers. Presently, manufacturing solely occurs at the Baddi facility, while manufacturing operation at the Parwanoo factory are closed. Additionally, the Corporate Debtor has granted franchise rights to trichology clinics throughout India.
The business operations of Richfeel Health & Beauty Pvt Ltd were affected by disruptions due to uncertainties and the COVID-19 pandemic, resulting in clinic closures and a sharp decline in business. This led to the company’s accounts being declared as Non-Performing Assets which, in turn, prevented the Corporate Debtor from repaying debts to financial creditors.
About the successful resolution applicants
Bina Shah is an entrepreneur and a dynamic businesswoman with a multitude of thinking processes converting through her acumen “opportunities” into “successful business opportunities”. She is one of the first lady diamond entrepreneurs, who is in the business of designing her own diamond jewellery under the brand name Regalia established over long period and her brand has been adored by famous Hollywood actresses. She has also been featured on cover page of popular magazine Vogue. Besides her jewellery entrepreneurship business, she is also adept at investing in various corporate and non-corporate entities, including listed companies, funds, and private limited companies. Her investment portfolio was worth 24.40 crores as of March 31, 2022.
Seema Goel (Resolution Applicant 2) is the sole proprietor of Berkowits Hair and Skin Clinics. She acquired this business in 2003 and has been growing her business since then and currently runs 20 clinics distributed in 6 cities namely Delhi, Hyderabad, Kolkata, Pune, Bangalore, and Raipur. Goel has grown her business substantially and maintains profitability.
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