Joint Venture7 Jul 2024, 12:17 am
Kalpataru Projects International Ltd Serves Notice of Termination to National Highways Authority of India, Faces Debt Recovery Claim of INR 753 Crores
AI Summary
Kalpataru Projects International Ltd has served a Notice of Termination to the National Highways Authority of India (NHAI) due to the forcible suspension of toll collection. The Company is now a party to an Original Application filed by Bank of Baroda and other lenders before the Debts Recovery Tribunal, claiming a debt recovery of approximately INR 753 Crores. The Company has already made necessary provisions in its books of accounts and will continue to pursue its claims against NHAI.
Key Highlights
- Kalpataru Projects International Ltd serves Notice of Termination to National Highways Authority of India
- Company becomes party to a debt recovery claim of INR 753 Crores
- Provision of necessary funds made in the Company's books of accounts
- Continued pursuit of claims against National Highways Authority of India