SUBHIKSHA GETS SUPREME COURT BREATHER, APEX COURT GRANTS STAY OVER PENDING CASES AT MADRAS HIGH COURT

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IN WHAT could prove to be a breather for the troubled retail chain Subhiksha, the Supreme Court has granted a stay over cases pending against it at the Madras High Court.

The apex court has stayed a merger petition of the retail entity with Madras Stock Exchange-listed NBFC Blue Green Constructions and Investments and a host of winding up petitions pending against it, including those by Kotak Mahindra Bank and HCL Infosystems and Adlab Films.

The Supreme Court has also admitted Subhiksha's special leave petition against a Madras High Court order rejecting a scheme of compromise proposed by a shareholder of the company - Cash & Carry.

The Madras High Court had dismissed the scheme twice, which was mooted by the south-based retail chain after it failed to complete the Rs 800-crore-plus corporate debt restructuring programme by end-July.

The retailer would now have to convince the apex court with the formula that calls for 50% write-off of principal amount due and a 10-year repayment period for the rest of the amount.

The Supreme Court will take up the case again on November 23. Subhiksha owes upwards of Rs 800 crore to 13 banks.

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