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Bankers of McLeod Russel sign ICA for resolution on debt recast

After the promoters of McLeod reach a settlement with a financial creditor, Techno Electric & Engineering, the company could be out of National Company Law Tribunal’s insolvency process.

November 06, 2021 / 11:40 AM IST
Source: Shutterstock

Source: Shutterstock

Bulk tea major McLeod Russel India on Friday said its bankers have signed an Inter Creditors Agreement (ICA), a precursor to a resolution plan for debt restructuring, that rekindled hope of revival of the once largest tea producer of the world.

After the promoters of McLeod reach a settlement with a financial creditor, Techno Electric & Engineering, the company could be out of National Company Law Tribunal’s insolvency process.

The trigger for the insolvency application by Techno was a loan agreement for providing Rs 100 crore inter-corporate deposit (ICD).

We hope to reach a satisfactory resolution shortly with the bankers on debt recast, a McLeod official told PTI.