Legal4 Sept 2026, 04:24 pm
Kranti Industries Receives SBI Notice for ₹2.27 Cr Corporate Guarantee
AI Summary
Kranti Industries Limited has received a notice from the State Bank of India (SBI) under the SARFAESI Act, 2002. The notice relates to a Corporate Guarantee provided by Kranti Industries for credit facilities availed by its associate company, Preciso Metall Private Limited. The associate company has defaulted on loan repayments, leading to its debt being classified as non-performing assets. The amount involved is ₹2,27,23,173.02, which is to be discharged within 60 days. Kranti Industries is currently reviewing the notice and evaluating legal remedies, stating there is no immediate material financial impact on its operations.
Key Highlights
- Kranti Industries received SBI notice under SARFAESI Act for associate company's debt.
- Corporate Guarantee of ₹2.27 Cr involved for Preciso Metall Private Limited.
- Associate company defaulted on loan, leading to NPA classification.
- Company is assessing legal validity and remedies; no immediate financial impact.
- Notice requires discharge within 60 days from the date of notice.
Price Impact
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