McLeod faces NCLT test
A creditor has hauled McLeod Russel India Ltd before the National Company Law Tribunal in an attempt to initiate a corporate insolvency resolution process (CIRP) against the firm under the Insolvency & Bankruptcy Code.
Techno Electric & Engineering Co Ltd moved the petition on Monday before the Calcutta bench of NCLT while seeking to recover a Rs 100-crore loan that the bulk tea producer had taken. McLeod had defaulted on repayments.
The two-member bench has listed the matter for further hearing on September 18 and has served a notice to McLeod. This is the third case that the Calcutta-based engineering, procurement and construction (EPC) company Techno Electric & Engineering has slapped against MRIL.
