Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.
NCLT paves way for bankruptcy proceedings against tea grower McLeod Russel
The National Company Law Tribunal (NCLT) has paved the way for bankruptcy proceedings against the tea grower McLeod Russel after a financial creditor - Techno Electric & Engineering Company Ltd - moved an application against the company claiming the company has defaulted on INR 100 crore dues owed to it. The insolvency court also appointed an interim Resolution Professional. The tea manufacturer owes banks around INR 4,000 crore including interest and was in the midst of a resolution plan but no clear understanding had been reached. Meanwhile, the stake of the Khaitan family in the company had slumped to 10% due to offloading of shares of pledged shares with lenders.
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Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.