Business Update3 Jul 2024, 05:06 pm
Bank of Baroda Approves Restructuring Plan for SETCO Automotive Subsidiary Lava Cast
AI Summary
Bank of Baroda has approved the restructuring plan of credit facility of Lava Cast Private Limited, a subsidiary of SETCO Automotive Ltd. The bank is also withdrawing the CIRP Application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. This decision comes after the receipt of the restructuring sanction latter dated July 1, 2024.
Key Highlights
- Bank of Baroda has approved the restructuring plan of credit facility for Lava Cast Private Limited, a subsidiary of SETCO Automotive Ltd.
- The bank is withdrawing the CIRP Application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Lava Cast Private Limited.
- The restructuring sanction latter was received on July 2, 2024.
- This decision is in line with the Disclosure requirements under Regulation 30 of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.