McLeod Russel withdraws insolvency petition after NARCL approval
after close1 source ↓written by the desknot a recommendation
- agreement with NARCL
- ₹1,050 crore debt restructuring
- of the company's
- 75.02%
McLeod Russel will exit the Corporate Insolvency Resolution Process after receiving NCLT approval to withdraw its ₹444.55 crore insolvency petition. This follows a ₹1,050 crore debt restructuring agreement with NARCL, addressing 75.02% of the company's institutional debt. The restructuring aims to restore normal operations for India's largest bulk tea producer.
This development is significant for traders as it may enhance McLeod Russel's operational stability and investor confidence in the tea sector.
Not investment advice. For informational purposes only.