The National Company Law Tribunal, Mumbai (“NCLT”) using its discretionary powers has recently permitted Prag Distillery, a subsidiary of Indian made foreign liquor manufacturer, Tilaknagar Industries, to move out of the liquidation process and, reinstated the board of directors for management of its operations.

The NCLT decision is consequent to the settlement of outstanding dues of Standard Chartered Bank (“SCB”) by Tilaknagar Industries.

We are pleased to share that Argus Partners had advised and represented SCB during the insolvency and liquidation process before the NCLT. The Firm had also handled the settlement process with Tilaknagar Industries to recover SCB’s outstanding dues against Prag Distillery.

The Argus Team consisted of Murtaza Kachwalla (Partner) and Aashdin Chivalwala (Principal Associate).

Read more at: BWLegalWorld