NCLT nod to McLeod Russel resolution

By: |
August 07, 2021 9:14 AM

The financial creditor had filed the application before the Kolkata bench after the company defaulted on repayments of term loans of Rs 100 crore and interest thereon.

In 2019, Yes Bank had moved the NCLT against the company alleging a loan default Rs 500 crore.

The National Company Law Tribunal (NCLT) on Friday gave its approval to start insolvency proceedings against debt-laden tea maker McLeod Russel, a Williamson Magor group company.

In a stock exchange filing on Friday, the company said the NCLT’s New Delhi bench, vide its order dated August 6, admitted the insolvency application filed by Techno Electric & Engineering, a financial creditor, under Section 7 of the IBC. The financial creditor had filed the application before the Kolkata bench after the company defaulted on repayments of term loans of Rs 100 crore and interest thereon.

Later, the matter was transferred to the New Delhi bench. Under the provision of IBC, the bench appointed Kanchan Dutta as the interim resolution professional for McLeod.

In 2019, Yes Bank had moved the NCLT against the company alleging a loan default Rs 500 crore.

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