Ajay Singh Successful Bidder for India’s Eastern Silk Industries
September 5, 2024
Ajay Singh
DUBAI, UAE — Ajay Bikram Singh, owner of Baumann Dekor in Gmund, Austria, was the successful bidder this past February for purchasing Kolkata, India based Eastern Silk Industries Ltd. (ESIL) at a bankruptcy sale.
It should be stated clearly that while Singh is the common denominator between several businesses, each business is a separate and distinct corporation.
Singh also owns Warps & Wefts, a Dubai based sales agency. Baumann Dekor itself has gone into insolvency twice since 2011. Singh bought Baumann Dekor in 2015.
Singh expects to produce the Baumann Dekor fabric line at Eastern Silk, but sampling will still take place at Baumann Dekor in Gmund, he told F&FI. Singh was previously quoted in F&FI that production of fabrics in Austria is no longer economically feasible.
At Eastern Silk Industries, Singh is already supplying top editeurs worldwide with fabrics.
Eastern was taken to insolvency Court in June 2022. The company owed 982 crores to different creditors including 933 crores to financial creditors. That translates to $112.3 million US. One crore is equal to $119,000+.
Singh agreed to pay 58.2 crore, about $7 million, against admitted claims of 894 crore ($107 million). The plan made no provisions for unsecured creditors.
Under Singh’s management, Eastern continues to be engaged in yarn spinning and weaving furnishing fabrics. The company (51%) was owned by Sudeep Shah and family who no longer are a part of the business which lost money in 2021-2022 according to financial reports posted on Insolvency Tracker.
It should be stated clearly that while Singh is the common denominator between several businesses, each business is a separate and distinct corporation.
Singh also owns Warps & Wefts, a Dubai based sales agency. Baumann Dekor itself has gone into insolvency twice since 2011. Singh bought Baumann Dekor in 2015.
Singh expects to produce the Baumann Dekor fabric line at Eastern Silk, but sampling will still take place at Baumann Dekor in Gmund, he told F&FI. Singh was previously quoted in F&FI that production of fabrics in Austria is no longer economically feasible.
At Eastern Silk Industries, Singh is already supplying top editeurs worldwide with fabrics.
Eastern was taken to insolvency Court in June 2022. The company owed 982 crores to different creditors including 933 crores to financial creditors. That translates to $112.3 million US. One crore is equal to $119,000+.
Singh agreed to pay 58.2 crore, about $7 million, against admitted claims of 894 crore ($107 million). The plan made no provisions for unsecured creditors.
Under Singh’s management, Eastern continues to be engaged in yarn spinning and weaving furnishing fabrics. The company (51%) was owned by Sudeep Shah and family who no longer are a part of the business which lost money in 2021-2022 according to financial reports posted on Insolvency Tracker.