With McLeod Russel out of CIRP, lenders may restart debt resolution process

Lenders to McLeod Russel India, the country’s largest bulk tea producer, are likely to move forward with the debt resolution process with the company out of the clutches of corporate insolvency resolution process (CIRP).

Sources close to the development said, barring a few banks, most had signed intercreditor agreement (ICA). “The other banks are also on board now,” they said.

There are about 10 banks in the consortium and a meeting is slated towards the end of the week.

Sources indicated that the techno economic viability (TEV) study would have to be updated. In addition, credit rating of the company