Tijaria Polypipes Limited has informed the Exchange about General Updates
TIJARIA · price
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Tijaria Polypipes has disclosed a Rajasthan High Court order dated 27/03/2026 dismissing its writ petition against Bank of India, RBI, and the Union of India. The company had sought to compel the bank to accept a One-Time Settlement (OTS) proposal of Rs.38 crore (later revised to Rs.41 crore) against outstanding dues of Rs.74 crore principal. The bank had rejected the OTS citing that the property mortgaged (valued at Rs.53.67 crore) was sufficient to recover the full amount. The court ruled that no bank can be compelled to accept a lower OTS amount and that such decisions lie in the bank's commercial wisdom. The company had already deposited Rs.12 crore with the bank as part of the OTS process.
This is a negative outcome for shareholders — the company's attempt to settle its debt at a discount has failed, meaning Bank of India can now pursue recovery of the full Rs.74 crore principal through auction of mortgaged assets. The pending insolvency proceedings against the company, which were previously stayed, may now proceed, raising serious concerns about the company's financial health and solvency.