McLeod Russel promoters seek to settle with Techno as way out of insolvency

Sources say talks between the two parties are on, finer details of a settlement being worked out; top brass of both sides refuse to comment

The Khaitan family, promoters of McLeod Russel India, are in discussions for a settlement with financial creditor, Techno Electric & Engineering, that would take the country’s largest tea producer out of insolvency proceedings.

Multiple sources close to the development said that negotiations between the two parties were on and finer details of a settlement were being worked out.

Aditya Khaitan, promoter, McLeod, and P P Gupta, managing director, Techno, did not comment.

A settlement deed would have to be signed, which would then be placed before the National Company Law Tribunal (NCLT) for its nod.

Discussions for a settlement between