Some relief for Khaitans as McLeod Russel gets interim stay in CIRP

Meanwhile, even as the appeal process is being pursued in NCLAT, the Khaitans are understood to be engaging with IL&FS for a settlement

In some relief for the Khaitans, the National Company Law Appellate Tribunal (NCLAT) directed the interim resolution professional (IRP) not to take any further steps in the corporate insolvency resolution process (CIRP) of McLeod Russel India till the next hearing.

On February 10, the Kolkata Bench of the National Company Law Tribunal (NCLT) had admitted an application filed by IL&FS Infrastructure Debt Fund under Section 7 of the Insolvency and Bankruptcy Code (IBC) for initiating CIRP against McLeod Russel and appointed an IRP. McLeod Russel's erstwhile promoter, Aditya Khaitan, thereafter filed an appeal in NCLAT.

On Wednesday, the appellate tribunal