KKR India Financial Services Pvt Ltd has dragged Dairy major Kwality Ltd to the National Company Law Tribunal (NCLT) on loan default of more than Rs 1,200 crore.
KKR & Co's non-banking finance unit has filed a petition against the Kolkata-headquartered company before NCLT under the Insolvency and Bankruptcy Code (IBC).
Kwality has a debt of about Rs 2,000 crore, of which 80% had gone bad because of poor business decisions. Its market value and financial performance have also declined considerably over the past year.
Kwality Ltd is a processor and producer of several types of dairy products, which include milk, ghee, butter, milk powder, curd, yogurt and cheese under the brand 'Dairy Best'.
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