Kaluworks Limited , a manufacturing firm that was previously owned by Billionaire Industrialist Manu Chandaria, and now under receivership, has its creditors to lodge their claims by 10th March 2022.
This firm has been shut down over non-payment of $40 million (KSh4.3 billion) debt.
NCBA Group appointed a receiver manager, Pongangipalli Rao, for the firm which is among the country’s biggest manufacturers of aluminium utensils and roofing sheets.
In a statement, Rao said claims received after the deadline expires will not be considered
This company is part of Chandaria’s Comcraft Group. It was wholly owned by Manu Chandaria’s Comcraft Group, before it collapsed over huge debts running into millions owed to a consortium of Kenyan banks.
Kaluworks was placed under receivership in May 2021
The firm was placed under administration on May 27, 2021 by the holder of a qualifying floating charge.
Several lenders including I&M Bank had sought out auctioneers to sell off properties used to guarantee loans after the firm failed to make various payments.
Established as a cookware manufacturer, Kaluworks in 1988 went into aluminium rolled products by setting up an aluminium rolling plant in Mariakani close to Mombasa.
Some of the banks the firm was indebted to include I&M Bank, NIC Bank and Bank of Baroda.
The banks have instructed auctioneers and debt collectors to auction off multi-million dollar properties including residential and commercial complexes owned by Kaluworks, which had been used to guarantee loans for Kaluworks after the firm failed to honor its obligations.
Kaluworks is a subsidiary of Clovis Company Limited, a Bermuda-registered investment holding company that is owned by the Comcraft Group, of which Chandaria is the chairman and controlling shareholder.
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