HC clears liquidation of Dunlop assets
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Paving the way for liquidation of ailing Dunlop India's assets, the Calcutta High Court on Monday vacated an interim stay on winding up of the tyre maker reeling under huge debts and labour troubles.
The High Court had ordered winding up of Dunlop India Ltd through a directive dated January 31, but an interim relief was later granted on this order till February 18.
Vacating the stay, a division bench of Justices Asim Kr Banerjee and SK Sinha today asked the official liquidator to take possession of the company's assets.
The creditors, to whom Dunlop reportedly owes more than Rs 300 crore, had moved winding up petition after repeated failures by the company in clearing of dues.