Debt

Debt Financing

Tea producer McLeod Russel out of IBC after settling with creditor

Business Standard  

The promoters of McLeod Russel India, the country's largest tea producer in India, have reached a settlement with financial creditor, Techno Electric & Engineering, paving the way out of insolvency. The interim resolution professional (IRP) of McLeod Russel moved an application under Section 12A with the National Company Law Tribunal (NCLT) seeking withdrawal of CIRP of the corporate debtor. The consent terms entered into by McLeod Russel and Techno Electric have been taken on record by the NCLT in a sealed cover while allowing the application filed under Section 12A filed by Techno Electric through the IRP. This brings an end to the corporate insolvency resolution process McLeod Russel India.