NCLAT closes insolvency proceedings against McLeod Russell
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A supplementary affidavit was filed in the NCLAT on behalf of the appellant (Aditya Khaitan), bringing on record the settlement between the two parties dated May 5, 2023.
New Delhi. The National Company Law Appellate Tribunal (NCLAT) has closed the insolvency proceedings against tea major McLeod Russell following a settlement between the promoters and IL&FS Infrastructure Debt Fund. A supplementary affidavit was filed in the NCLAT on behalf of the appellant (Aditya Khaitan), bringing on record the settlement between the two parties dated May 5, 2023. Financial creditors also informed the appellate tribunal that they have settled the matter with promoter Khaitan and there is no issue between the two parties.
Subsequently, a two-member bench of NCLAT closed the Corporate Insolvency Resolution Process (CIRP) initiated by the Kolkata Bench of the National Company Law Tribunal (NCLT) on February 10, 2023. In an order put on the website on Tuesday evening, the NCLAT said, “The settlement agreement is taken on record and we close the CIRP initiated by order dated February 10, 2023.”
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