Relief for Eveready, McLeod Russel as Calcutta HC lifts stay on asset sale

The earlier injunction preventing such sales and was impairing the firms' ability to pay off their lenders outside the scope of NCLT

In a breather for the BM Khaitan Group, the Calcutta High Court today lifted its temporary injunction on the sale of assets by group companies McLeod Russel and Eveready Industries.

Eveready has been monetising land parcels and McLeod has been selling tea estates to pare their debts. It was also understood that Eveready was in talks with battery makers, including Duracell, to sell its battery business.

While the earlier order had restrained these companies from further selling any of their assets, the Court’s latest decision has paved the way for both to come up with plans to reduce their debt