The Supreme Court has stayed for now all hearings in the High Court here on the revival or winding up of Subhiksha Trading Services, the cash-strapped retail chain.
Cash and Carry Wholesale Traders(C&C), a subsidiary of Subhiksha, today said it had gone to the SC against the earlier HC rejection of a revival scheme proposed by it. The SC stay, its counsels told the HC today, is till November 23.
On November 5, a two-judge bench of the HC had upheld an earlier order of a single judge which rejected a scheme proposed by C&C for Subhiksha, which involved compelling its lenders to accept a write-down-cum-restructuring of its debt.
The scheme was filed by one of the C&C directors, asking Subhiksha’s secured lenders to settle for only part of the principal amount of loans taken by the retail chain after a cutoff date, among other things.
Many of Subhiksha’s lenders want the company to be wound up and their debt to be repaid.
