OTS Proposal Approved; Operations to Restart Soon

Arcotech Ltd's One Time Settlement (OTS) proposal has been approved by all secured lenders, including banks and financial institutions in the consortium and JLF. The company had defaulted on loan repayments earlier, with accounts classified as NPA. After a failed restructuring attempt, lenders agreed to the OTS for full and final settlement of total dues. IFCI Ltd will retain symbolic possession of the factory until the full OTS payment is made. The company expects to restart operations soon.