KOLKATA: The National Company Law Appellate Tribunal (NCLAT) on Monday allowed IL&FS to withdraw applications against bulk tea major McLeod Russel. This is the second time the bulk tea company will come out of the Insolvency and Bankruptcy Code (IBC) process. IL&FS Infrastructure Debt Fund, a financial creditor of McLeod Russel, had filed a petition under the IBC against the company for default on Rs 347-crore payment in 2019. Over the last few months, talks for an out-of-court settlement were on between IL&FS and the ailing firm. IL&FS expects to recover 75-80% of its dues. However, the exact figure would depend on the valuation of land that would be handed over to IL&FS.
