IBC application by PDK Impex against Mcleod Russel withdrawn at NCLT
MCLEODRUSS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.8 pts less than Nifty Microcap 250, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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PDK Impex Pvt Ltd, a financial creditor, has withdrawn its IBC Section 7 application against Mcleod Russel India at the NCLT Kolkata bench. The application was filed over an alleged default of Rs 10.22 crores and has now been dismissed as withdrawn. This removes a potential insolvency proceeding that had been hanging over the tea producer.
Positive: an insolvency threat worth Rs 10.22 crores is off the table, reducing near term default risk for shareholders.