The Madras High Court today passed an interim order staying the appointment of a provisional liquidator (PL) for Subhiksha Trading Services, the retail chain which ran out of cash and suspended its operations.
The appointment was made on March 31 on a petition by Kotak Mahindra Bank, which is owed about Rs 40 crore by Subhiksha. The latter had contested the decision saying the move would stymie an ongoing corporate debt restructuring exercise.
The court today also told the Chennai-based chain to present to it all books of accounts on or before May 20. If this is not done, the earlier order on the PL taking charge of Subhiksha’s assets will automatically take effect.
The next hearing is likely to be on June 12.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app