Khaitans reach settlement with IL&FS to regain control of McLeod Russel

Once NCLT approves application, tea producer would be out of insolvency proceedings

The promoters of McLeod Russel India, the country’s largest bulk tea producer and part of the Brij Mohan Khaitan group, have reached an out-of-court settlement with IL&FS Infrastructure Debt Fund, multiple sources said.

An application for withdrawal from the corporate insolvency resolution process (CIRP) has been filed with the Kolkata bench of the National Company Law Tribunal by the interim resolution professional (IRP). Once NCLT approves the application, McLeod would be out of insolvency proceedings.

Ritesh Prakash Adatiya, the IRP, said an application for withdrawal from CIRP under Section 12A of the Insolvency and Bankruptcy Code (IBC) was filed on