 "Bank moves NCLT to initiate insolvency proceedings against McLeod Russel")
Taking forward their plan to formulate a resolution plan for McLeod Russel outside the scope of NCLT, the company's lenders, led by ICICI Bank, which has the largest exposure, have appointed LSI Financial Services to undertake a techno-economic feasibility study based on which the creditors will decide the way forward.
The study primarily focusses on the health of the gardens, and will include McLeod's current and potential level of earnings before interest, tax, depreciation and amortisation (EBITDA), if the creditors to the stressed Williamson Magor Group (WMG) group agree to recast the debt of Rs 1,700 crore.
“The first level of assessment has been completed and a preliminary report has been submitted to the lenders. They are interested in knowing
