Debt

Debt financing

Ramcharan Co which claimed to have raised $4-B fails to repay Rs. 3.5 Cr loan

Indian Express  

Chennai-based Ramcharan Company Pvt Ltd (RCCPL), which announced a USD 4.14 billion investment from a US-based fund called TFCC International last year, is facing insolvency after it failed to pay a loan of INR 3.5 crore to Classic Exports. RCCPL has failed to repay a loan amount of INR 2.55 crore as well as the outstanding interest of INR 95.66 lakh. The National Company Law Tribunal's (NCLT) Division Bench One admitted the insolvency application filed by Classic Exports and nominated S Vasudevan as Interim Resolution Professional (IRP) to take forward the process of corporate insolvency resolution (CIR) of RCCPL. The powers of the board of directors of RCCPL stand superseded.