The National Company Law Tribunal (NCLT) has allowed an insolvency petition filed against Reid & Taylor, a textile company. The plea was filed by a creditor claiming unpaid dues of approximately Rs 15 crore. The NCLT, after examining the evidence, found that the creditor had provided sufficient evidence to prove the default. The tribunal allowed the plea and appointed an interim resolution professional to manage the affairs of the company. The order is significant as it highlights the NCLT's efforts to resolve insolvency cases. The allowance of the plea is expected to have implications for the textile industry, where several companies are facing financial difficulties. The NCLT's decision is likely to be seen as a positive development for the creditor, which has been fighting to recover its dues for several years. The case is ongoing, and the interim resolution professional is expected to submit a report to the NCLT in the coming weeks. The NCLT's decision is subject to appeal before the National Company Law Appellate Tribunal (NCLAT).