One Time Settlement with Bank of India for Rs. 60.32 Crores
SUPREMEENG · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Supreme Engineering has accepted a One Time Settlement (OTS) offer from Bank of India for its outstanding credit facilities. The total settlement amount is Rs. 60.32 Crores, payable within 90 days from acceptance. An upfront payment of Rs. 6.03 Crores (10%) has already been deposited and the balance will be paid as per schedule. The company opted for OTS to reduce its debt liability. Upon full payment, all existing legal proceedings including SARFAESI and NCLT cases will be unconditionally withdrawn.
Positive as it resolves bank disputes and SARFAESI/NCLT cases. But Rs. 60.32 Cr payout due in 90 days may pressure cash flows. Monitor execution.