Leading foreign bank to drag Kwality to NCLT over Rs 12 billion default

KKR-backed dairy major Kwality Ltd set to be taken to National Company Law Tribunal (NCLT) over Rs 12 billion loan default. According to a report published in Hindu Businessline, the Kolkata-headquartered company has been taken to the tribunal by a leading foreign bank that will be joined by others soon after the case is filed, on October 16.

According to sources, Kwality has debt of about 20 billion, of which 80 per cent has gone bad following poor business decisions, reported The Hindu Businessline.

Earlier on, the company in a BSE filing said there was no strategically significant development within