No Due letter received from SBI confirming no debt is due by the Company pursuant to Resolution Plan approved by Hon''ble NCLT vide its order dated July 27, 2023.
Awaiting price reaction for this filing.
Rathi Graphic Technologies Ltd has received a No Dues letter from State Bank of India dated May 1, 2025, confirming that no debt or payment is due to SBI from the company. This follows the implementation of the Resolution Plan approved by the NCLT Allahabad Bench on July 27, 2023, which was originally submitted by Nikunj Udyog (a unit of Surbhika Steels Private Limited). The company paid its share of Rs. 7.04 crore to SBI on December 21, 2024 as part of the resolution proceeds. SBI has now released its charge and security interest on the company's assets, effectively clearing all encumbrances originally held by the bank.
This is a positive development for shareholders — it formally closes SBI's claim against the company under the insolvency resolution and frees up the company's assets from SBI's charge, paving the way for cleaner operations and easier access to future financing. SBI's rights against personal and corporate guarantees from third parties remain unaffected.