Corporation Bank had filed an application before the National Company Law Tribunal, Mumbai (NCLT) under Section 7 of the Insolvency and Bankruptcy Code, 2016, for recovery of their dues amounting to Rs. 51.99 crore and the subsequent One Time Settlement (OTS) for Rs. 31.17 crore arrived at with the Corporation Bank.
In this connection, the Company has paid in full an OTS amount of. RS.31.17 crore consisting of principal amount to the Corporation Bank as full and final settlement of their dues. As a result, the necessary consent terms have been filed before the NCLT, Mumbai, resulting in disposal of the petition by NCLT.
The certified copy of the Order of the Hon'ble NCLT is awaited.