KKR drags Kwality to NCLT over Rs 1,200 crore default

KKR Co s non-banking finance unit has filed petition against the Kolkata-headquartered company before NCLT under the Insolvency and Bankruptcy Code IBC
  • Franchise India Buereau
Restaurant India

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'.

RECOMMENDED FOR YOU