INDIA: Indage Vintners gets stay of execution
Indage Vintners has secured a temporary reprieve on a winding up order issued against the wine company.
Indage said yesterday (23 March) that the High Court in Mumbai has frozen the winding up order for 15 days, to give the group time to publish a plan to pay off debt.
Following a case brought by creditors, the court last week ordered Indage to be dissolved.
The firm is one of the largest wine companies in India, with more than 40 brands, but has seen sales and profits collapse in its current fiscal year.
Indage said earlier this week that it planned to appeal the High Court order, on the grounds that the firm was in the process of arranging a strategy to restructure and repay debt.
Commenting on the stay of execution, it said: "This is pursuant to the submission by the company that the plans underway will find an amicable solution to meet with all obligations of the company."
Indage Vintners sank to net losses of INR483.7m in the first nine months of its fiscal year, to the end of December 2009. It reported profits of INR183m in the same period of the previous year.
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