Arvind Mills sued by lenders

Arvind Mills sued by lenders

MUMBAI, FEB 14: Ailing textiles firm, Arvind Mills Ltd is being sued by some lenders who are unhappy with a debt restructuring plan. "The lenders who are opposing the plan account for only four percent of our debt," Jayesh Shah, chief financial officer, said in a faxed statement.

Shah said the company will go ahead with the restructuring proposal if it received the nod from lenders holding in aggregate over 75 per cent of its debt. "Dissenting lenders will continue to be governed by the old contracts with the company with a right to sue the company to recover their dues," Shah said.