Legal Correspondent: Pranami Baruah.
August 13, 2021: The National Company Law Tribunal (NCLT), New Delhi Bench filed application initiating a corporate insolvency resolution process (CIRP) against McLeod Russel India, tea producer of India. Techno Electric & Engineering Company filed an application against McLeod Tea producer at NCLT under section 7 of the Insolvency and Bankruptcy Code (IBC) which gives financial creditors to initiate application against corporate debtors regarding default and accordingly the matter was admitted on august 6, 2021. McLeod Russel is one of the largest tea producing around 73 million kg.
McLeod failed for the repayment of loans relating four estates in due to bank and financial institutions and was to ensured that all encumbrances were released. The NCLT in its order held that there were sufficient facts and there has been found default in payment of financial debts and hence the present application was instituted to clear its outstanding financial debts to the applicants.
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