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Jammu & Kashmir Bank had claimed a default of Rs 50 crore against Himalayan Mineral Waters, engaged in the business of manufacturing of beverages, being the corporate guarantor for the credit facilities availed by the Leel Electricals. LeeL Electricals had in May 2017 sold its consumer durable business to Havells India for a consideration of Rs 1,550 crore read more
The National Company Law Tribunal (NCLT) has directed initiating insolvency proceedings against Himalayan Mineral Waters, allowing Jammu & Kashmir Banks plea for default of a corporate guarantee given for LeeL Electricals.
The Allahabad bench of NCLT has also appointed Bhoopesh Gupta as the interim resolution professional (IRP) for this Dehradun-based firms Corporate Inso…
Read the full article at: https://www.firstpost.com/business/nclt-orders-insolvency-proceedings-against-himalayan-mineral-waters-13780439.html
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