Controversy-embroiled Lilliput Kidswear, which is snowed under a massive debt of Rs Rs 873 crore, may be headed in for a bilateral debt restructuring or a corporate debt restructuring.
Last September, less than two weeks after an IPO plan was approved, the private equity owners of India's Lilliput Kidswear got a call that set off a chain of events that could wipe out their investment.
In a fresh round of communication, Lilliput Kidswear’s promoter has written to banks seeking appointment of two new auditors for re-audit. The promoter has once again refuted the allegations made by PE investors Bain and TPG, assuring the banks of returning dues in time, reports CNBC-TV18's Siddharth Zarabi.
Lilliput Kidswear has said that anonymous callers are trying to defame the company. It has gone to the police and has written to banks to say the IPO was sabotaged, reports CNBC-TV18's Malvika Jain.