Following the tribunals August 6 insolvency commencement order, Aditya Khaitan, promoter of the tea company, had appealed to the National Company Law Appellate Tribunal (NCLAT) for a stay on the CIRP initiation. NCLAT, however, hadnt granted a stay but admitted the plea.
In a major relief to the financially-stressed Williamson Magor group, the National Company Law Tribunal (NCLT) has given its approval to withdrawal of corporate insolvency resolution process (CIRP) against its group company McLeod Russel after its promoters reached a settlement with Techno Electric & Engineering, one of its financial creditors.
Earlier, NCLT, New Delhi, vide its order dated August 6, had admitted the insolvency application filed by Techno Electric & En…
Read the full article at: https://www.financialexpress.com/industry/mcleod-russel-nclt-allows-withdrawal-of-cirp-after-promoter-creditor-settlement/2325999/
