Global private equity player KKR has filed insolvency plea against dairy firm Kwality Ltd. before the National Company Law Tribunal (NCLT).
In 2016, Kwality had announced that it had raised ₹300 crore from KKR India Financial Services and got additional commitment of ₹220 crore. The amount was raised to fund its expansion plans and enter into consumer segment. The matter was listed for Monday before a NCLT bench in Delhi comprising Ina Malhotra and Deepa Krishan.
Last week, in a regulatory filing, the company had informed the BSE that KKR India Financial Services Private Ltd. has filed a petition before NCLT under section 7 of IBC 2016.
