Thursday, July 05, 2018

Paramount Air promoter faces Kotak group co’s insolvency suit

Mumbai: India Growth Fund, a private equity (PE) entity managed by an arm of Kotak Mahindra Bank, has filed an insolvency petition in a Madurai court against Lakshmi Murugesan, the main promoter of Paramount Airways, for failing to pay nearly Rs 300 crore to the PE fund.
Earlier, India Growth Fund had moved an arbitration petition that it won.
This arbitration award was challenged by Murugesan in the Madras high court. However, the HC had ruled against her and ordered the money to be returned to the Kotak fund. Following this order, India Growth Fund has now moved the insolvency petition, sources said.
Kotak Mahindra Group spokesperson Rohit Rao declined to comment. “We cannot comment on this issue because of confidentiality reasons,” Rao said. On her part, Murugesan told TOI that the case was still under litigation in the Madras HC and she is yet to receive any insolvency petition from the PE fund.
04/07/18 Times of India
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