SecureKloud Technologies Inc., USA, a Subsidiary of Securekloud Technologies Ltd, to File for Bankruptcy

Securekloud Technologies Ltd has granted an in-principle approval to its subsidiary, SecureKloud Technologies Inc., USA, to file for bankruptcy under the United States Bankruptcy Code. The decision comes after a comprehensive evaluation of the subsidiary's financial position, which has been significantly affected by substantial litigation claims leading to liabilities that exceed assets. The estimated impact on Securekloud Technologies Ltd is approximately INR 26,00,00,000, representing outstanding receivables from the subsidiary. The company had provided a $5 million corporate guarantee to the Columbia bank for the USA subsidiary, out of which $1.62 million is still outstanding. However, the business continuity of Securekloud Technologies Limited is not affected, as customer contracts and employees from SecureKloud Technologies, Inc were acquired by Healthcare Triangle, Inc through an Asset Purchase Agreement in October 2024.