A2Z Infra Engineering Settles Debt of INR 102.7 Crores with Axis Bank through OTS

A2Z Infra Engineering Limited recently announced that they have signed a Full Cash One Time Settlement (OTS) agreement with Axis Bank to settle a debt of INR 102.7 crores. The company was finding it difficult to make the payment and the account was Non-Performing Asset (NPA) with Axis. As an EPC company without tangible assets, the only way to survive was to reduce the debt burden. Despite various negotiations with Axis, it was only recently that the proposal was accepted. The OTS settlement consideration was INR 17 crores.