Kwality Insolvency: Lenders to Vote on Deadline Extension for Submitting Bids for Resolution

Lenders of debt-ridden dairy firm Kwality on Monday decided to carry out voting on extending the May 15 deadline for submitting the resolution plan by interested bidders, including Haldiram and Kotak group firm, sources said, Mint reported. The lenders would also vote on seeking extension of insolvency proceedings by 90 days, they said. As many as five companies -- Haldiram, Kotak fund, LVP Foods, Aion and TPG Capital -- have expressed interest to bid for acquiring Kwality. Kwality is currently undergoing the Corporate Insolvency Resolution Process (CIRP) as per the provisions of the Insolvency and Bankruptcy (IBC) Code, pursuant to an order of the NCLT, New Delhi, dated December 11, 2018. Global private equity player KKR had filed insolvency plea against Kwality. Shailendra Ajmera, who is from Ernst and Young, has been appointed as the resolution professional to conduct the insolvency proceedings. Read more