Legal24 Dec 2024, 08:09 pm
Kohinoor Foods' One-Time Settlement Proposal Approved by Lead Consortium Lender
AI Summary
Kohinoor Foods Limited, a well-known food giant, has received approval for its one-time settlement (OTS) proposal from the lead consortium lender for its NPA account. The company, which has been facing financial constraints since June 2018, is hopeful to obtain OTS sanction from all the Consortium Lenders in due course. The OTS proposal terms include a payment of Rs. 227.45 Crores plus future delayed period interest. The approval of the OTS proposal will allow the company to resume its operations and cater to its clients/customers across the globe.
Key Highlights
- Kohinoor Foods Limited's one-time settlement proposal approved by the lead consortium lender
- The company's accounts were declared NPA in June 2018, leading to a petition under section 7 of IBC
- The company has been unable to cater to its business model due to restricted banking facility
- The OTS proposal terms include a payment of Rs. 227.45 Crores plus future delayed period interest
- Approval of the OTS proposal will allow the company to resume its operations