Business Update9 Apr 2025, 07:50 pm
LT Foods Ltd Receives Rs. 265 Crore Insurance Claim from Oriental Insurance Company
AI Summary
LT Foods Ltd has received an insurance claim of Rs. 265 Crore from Oriental Insurance Company Limited as per the order of the Hon'ble Supreme Court. The claim amount of Rs. 161.20 Crore along with Rs. 93 Crore interest (after deduction of TDS of Rs. 10 Crore) has been released to the company (Daawat Foods Limited) against a 100 percent bank guarantee. The bank guarantee is valid till the final disposal of the first appeal filed by Oriental Insurance Company Limited at the High Court of Madhya Pradesh, Jabalpur Bench. The payment was successfully received on April 09, 2025.
Key Highlights
- LT Foods Ltd receives Rs. 265 Crore from Oriental Insurance Company Limited
- The claim includes Rs. 161.20 Crore and Rs. 93 Crore interest
- The payment was made against a 100 percent bank guarantee
- The bank guarantee is valid till the final disposal of the first appeal at High Court of Madhya Pradesh, Jabalpur Bench
- The payment was successfully received on April 09, 2025