HC extends stay on Indage Vintners liquidation

MUMBAI: The Bombay High Court on Thursday extended stay on the liquidation of Indage Vintners, formerly Champagne India, till June 15. The division bench of Justice FI Rebello and Justice Amjad Sayed has granted the extension while hearing the company’s appeal against the winding up order. Last month, the winding up order was passed by a single judge of the High Court after some unsecured lenders sought Indage Vintners’ liquidation.

In the course of his argument on Thursday, Indage counsel Dinyar Madon told the court that the promoters, Chougule family, will infuse Rs 75 crore into the troubled company as part of the corporate debt restructuring scheme. The corporate debt restructuring cell, comprising local banks, approved the company’s proposal to rejig loans on Wednesday.

Indage MD Ranjit Chougule told ET that the company will file a petition under section 391 of the Companies Act, 1956 by June to compromise and restructure debts. If the compromise scheme is approved by 75% lenders, the package will be binding on all the creditors. Mr Chougule said a few unsecured creditors are opposing the CDR proposal, whereas most banks, including ICICI Bank and SBI, have approved the package.