Mumbai: The dedicated bankruptcy court has admitted an insolvency petition filed by the Swiss emerging markets fund, ResponsAbility Fair Agriculture Fund, against livestock feed manufacturer Abhay Nutrition for defaulting on around $4.75 million (around Rs 33 crore) of advances.
Maharashtra-based Abhay Nutrition is backed by the US-based and emerging countries focused fund SEAF and currently it owns Indias largest cotton seed processing unit, with an annual capacity of 2 lakh tonnes.
The company had provided corporate guarantees for its Dubai-based subsidiary Krishi Nutrition. However, since the subsidiary failed to repay ResponsAbility Fund, it had approached NCLT to recover its dues from Abhay Nutrition.
The local borrower company had …
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