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Three financial creditors — YES Bank, Techno Electric & Engineering and IL&FS Infrastructure Debt Fund — have moved the National Company Law Tribunal (NCLT) against B M Khaitan group company, McLeod Russel India.
 
The financial creditors have moved the tribunal under Section 7 of the Insolvency and Bankruptcy Code (IBC). The section allows a financial creditor to initiate corporate insolvency resolution process of a corporate debtor in the event of a default.
 
McLeod has not been admitted to NCLT yet and hearings have been scheduled next month. It is possible that a settlement will be reached or a