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Is sheer size the biggest hurdle in the NCLT route for McLeod Russel?

Viability of the tea industry is another factor that is holding back companies from bidding for India's largest tea company

Avishek Rakshit & Ishita Ayan Dutt  |  Kolkata 

Three financial creditors — YES Bank, Techno Electric & Engineering and IL&FS Infrastructure Debt Fund — have moved the National Company Law Tribunal (NCLT) against B M Khaitan group company, McLeod Russel India. The financial creditors have moved the tribunal under Section 7 of the Insolvency and Bankruptcy Code (IBC).

The section allows a financial creditor to initiate corporate insolvency resolution process of a corporate debtor in the event of a default. McLeod has not been admitted to NCLT yet and hearings have been scheduled next month. It is possible that a settlement ...

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First Published: Thu, December 26 2019. 00:17 IST
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