PNC Infratech Settles with Suspended Director, Receives Rs. 20.0 Crore Compensation

PNC Infratech Ltd has entered into an amicable settlement with Mr Nakul Bharana, erstwhile/suspended Director of the Corporate Debtor. The Company has received an amount of Rs. 20.0 Crore (Rupees Twenty Crores only) in form of Demand Draft(s) drawn in Company's favour. This settlement is a result of the protracted proceedings related to the Resolution Plan submitted by the Company and approved by the CoC, which was not approved by the Hon'ble NCLT due to applications and counter applications by other stakeholders.