Monday, June 12, 2023

McLeod Russell leaves the IBC for a second time

 KOLKATA: The Public Organization Regulation Redrafting Court (NCLAT) on Monday permitted IL&FS to pull out applications against mass tea major McLeod Russel. This is the second time the mass tea organization will emerge from the Indebtedness and Insolvency Code (IBC) process. A financial creditor of McLeod Russel, IL&FS Infrastructure Debt Fund, had filed a petition under the IBC in 2019 against the company for defaulting on a payment of Rs 347 billion. IL&FS and the failing company have been negotiating an out-of-court settlement over the past few months. IL&FS anticipates recovering 75% to 80% of its debts. Notwithstanding, the specific figure would rely upon the valuation of land that would be given over to IL&FS.

Catch Daily Highlights In Your Email

* indicates required

Post Top Ad