Arcotech Ltd Secures Approval for One Time Settlement Proposal

Arcotech Ltd has announced the approval of its One Time Settlement (OTS) proposal by its consortium banks and financial institutions. The company had faced financial stress and defaults, leading to its accounts becoming Non-Performing Assets (NPA). Following failed restructuring attempts, the company proposed an OTS, which has now been agreed upon by all secured lenders. IFCI Ltd will retain symbolic possession of the factory premises until full payment. Arcotech expects to resume operations soon.