Calcutta, Oct 5: Liquor major Shaw Wallace & Co Ltd has worked out a fresh repayment plan for its creditors that yields ground on interest payments and also drops the six group companies whose inclusion had drawn strong protests earlier.Today, the Manu Chhabria-controlled company, whose first plan had been rejected by the Calcutta high court as well as the Supreme Court, began giving its unsecured creditors copies of the plan, which it had filed on October 1.
Justice Pinaki Chandra Ghosh of the high court had directed it to serve notice to its creditors, mainly corporates from which Shaw Wallace had taken intercorporate deposits during a borrowing binge in the nineties.
The company filed a separate plan for its secured creditors.
The March 1998 repayment plan for unsecured creditors, the company's first, had listed 179-odd creditors with aggregate dues of around Rs 194.08 crore. This list was later revised and number of unsecured creditors increased to 191 with total dues of Rs 263.79 crore.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.