Banks transfer McLeod Russel loan accounts to NARCL for debt resolution

ICICI Bank and seven lenders assign McLeod Russel's Rs 1,104.69 crore debt to NARCL, raising hopes for restructuring. IndusInd Bank stays out, while JC Flowers ARC holds a 24.39% stake

A majority of lenders have assigned their loan accounts in India’s largest bulk tea producer, McLeod Russel India, to National Asset Reconstruction Company Limited (NARCL), raising hopes for a faster debt resolution.  In an intimation to the stock exchanges on Saturday evening, McLeod Russel informed about the assignment of loan accounts and financial assets with ICICI Bank (lead bank) and seven other banks in the consortium to NARCL under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act of 2002 (SARFAESI Act).  The tea major said that ICICI Bank, the lead bank of the