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Kolkata-based Stewarts & Lloyds has filed for insolvency under the provisions of the Insolvency and Bankruptcy Code, 2016.
The company has filed for insolvency with the National Company Law Tribunal’s Kolkata bench.
While the company has paid its financial creditors, dues to operational creditors have not been paid yet. A source aware of the development said, “The company’s dues to operational creditors continue to be Rs 82 crore.”
This source also said that the company had settled dues to banks such as State Bank of India, HDFC and Bank of Baroda. These dues amounted to Rs 40 crore.
The auditor’s note in the annual
