Mcleod Russel India Limited
Incorporated in 1998, McLeod RusselIndia Ltd is in the business of cultivationand manufacturing of tea
What Mcleod files
- Others60
- Important21
- Board Meeting10
- Updates6
- Results2
- JV/Acquisition1
NCLT dismissed NARCL's insolvency application against McLeod Russel (444.55 Cr, HDFC Bank debt) due to a debt restructuring plan. Revival is possible if the plan fails.
Board secured a debt settlement with JCF ARC for ₹150 Cr, reducing ₹749.80 Cr outstanding. An MoU was signed to sell Mathura Tea Estate for ₹34.19 Cr for further debt reduction. The MD was re-appointed for three years.
McLEOD RUSSEL appointed Mr. Pradip Bhar as Whole-Time Director and CFO. The company also approved selling three tea estates (Nya Gogra, Rupajuli, Boroi) for an expected ~Rs. 88.85 Cr to reduce debt. These assets represented ~6% of last year's turnover.
McLeod Russel accepted NARCL's debt restructuring plan. It will repay Rs. 1,050 Cr sustainable debt. NARCL also gets 10% new equity from unsustainable debt conversion and promoter share pledge. Discussions continue with remaining lenders.
A Financial Creditor's IBC application against the company for an alleged default of Rs. 10.22 Cr has been withdrawn and dismissed by NCLT, removing a significant insolvency threat.