Mcleod Russel India Limited has informed the Exchange about General Updates
MCLEODRUSS · price
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Mcleod Russel India has informed the stock exchanges that Indian Tea Association, an operational creditor, has filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) against the company before the NCLT Kolkata bench. The alleged default amount is Rs. 3.60 crores. The company has clarified that this notice has no material impact on its operations or day-to-day business. The company has yet to comment on its defence or next legal steps.
Although the company has downplayed the impact, an IBC Section 9 petition is a negative development and could weigh on investor sentiment. The relatively small size of the claim (Rs. 3.60 crores) limits the immediate financial risk, but any admission of insolvency by NCLT could trigger broader consequences for lenders and shareholders.