6 Feb 2025

Dairy | NCLT orders Liquidation of dairy products firm Kwality Ltd.

The National Company Law Tribunal (NCLT) on January 11 ordered for the liquidation of Kwality Limited. The debt-ridden dairy and allied products firm was already under scanner for cheating a consortium of banks led by Bank of India.

The Company was admitted into insolvency in December 2018 on a petition moved by Punjab National Bank (PNB) and global private equity firm KKR. Haldiram Snacks and Pioneer securities jointly made an initially offer of Rs. 130 crore which was later revised to Rs. 145 crore of which majority of the funds in the resolution plan was allocated to the financial creditors. However, the Committee of Creditors (CoC) rejected the resolution plan submitted by Haldiram Snacks, the sole bidder resulting in the application for liquidation being moved.

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Topics |
Dairy, firm, Kwality, liquidation, NCLT, Products

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