Creditors voted in favor of a one-time resolution plan addressing fund- and non-fund-based liabilities, which now heads to the National Company Law Tribunal for formal ratification. Canara Bank, the sole fund-based creditor owed Rs 593 crore, is poised to recover roughly 80% of its dues. Other institutions holding non-fund exposures linked to subsidiary corporate guarantees will also participate in the resolution. Indore-based Kalyan Group is expected to inject capital to help fund the agreed payouts.
Key points
National Company Law Tribunal approval is the final remaining legal step before the resol…: National Company Law Tribunal approval is the final remaining legal step before the resolution takes effect.
Creditors will issue full and final no-dues certificates once the agreed terms are fully…: Creditors will issue full and final no-dues certificates once the agreed terms are fully implemented.
Participating institutions with non-fund exposure include State Bank of India, Punjab Nat…: Participating institutions with non-fund exposure include State Bank of India, Punjab National Bank, and Union Bank of India.
Sources checked by our analysis pipeline: 1
"Lenders have voted for this offer from the corporate debtor and the same will now be put before the NCLT for approval. Besides Canara, the other banks gaining from this settlement include State Bank of India, Punjab National Bank, Indian Bank, Union Bank of India and Bank of India. This offer settles fund and non fund based claims from lenders," said a person aware of the details.
Of the total value of the one-time settlement is ₹522 crore about ₹475 crore will come to Canara Bank, which has the only fund-based exposure to the company, SHH owes Canara ₹593 crore, making the settlement around an 80% recovery for the Bangalore-based lender.
The company confirmed the settlement in a statement. "The resolution addresses entire legacy debt, marking a major milestone in the company's financial restructuring...following implementation, the company received full and final no dues certificates from the respective creditors, confirming closure of their settled claims under the scheme," a company statement said.
Besides Canara, other banks have a non-fund exposure to the company through corporate guarantees given to subsidiary companies Supreme…
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