The Madras High Court today passed an interim order staying the appointment of a provisional liquidator (PL) for Subhiksha Trading Services, the retail chain which ran out of cash and suspended its operations.
The appointment was made on March 31 on a petition by Kotak Mahindra Bank, which is owed about Rs 40 crore by Subhiksha. The latter had contested the decision saying the move would stymie an ongoing corporate debt restructuring exercise.
The court today also told the Chennai-based chain to present to it all books of accounts on or before May 20. If this is not done, the earlier order on the PL taking charge of Subhiksha’s assets will automatically take effect.
The next hearing is likely to be on June 12.
