GTL Limited has informed the Exchange regarding 'Disclosures under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
GTL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
GTL Limited has fully settled all its dues and disputes with Canara Bank under a One-Time Settlement (OTS) arrangement. Following the in-principle OTS approval secured lenders communicated in January 2024, the company has now received Canara Bank's OTS sanction and made complete payment. Canara Bank has issued a no-dues certificate, and all legal claims including NCLT and DRT proceedings filed against the company stand withdrawn. The bank is in the process of filing formal withdrawal applications for these legal proceedings. The company continues to negotiate OTS settlements with its remaining set of lenders, including resolution of pending arbitration disputes.
Positive for shareholders as it removes a major legal overhang and eliminates Canara Bank's claims against the company. The successful OTS settlement reduces litigation risk and is a step toward cleaning up the company's balance sheet, though OTS typically involves paying less than the full outstanding amount.