Financial Creditors - Unnamed parties to the resolution
Resolution Plan Details
Court-approved amicable resolution plan relating to erstwhile subsidiary Kopargaon Ahmednagar Tollways (Phase I) Private Limited
Provides for settlement of various claims and business requirements
Upon payment of the last tranche per agreed payment schedule and fulfilment of applicable terms and covenants:
Claims of Financial Creditors shall stand resolved, settled and extinguished
Associated corporate guarantees, charges, liens and encumbrances shall be released
The receivable from Client against claims that Kopargaon Ahmednagar Tollways has post-payment to lenders shall remain with the Company
Future Actions
Company will undertake requisite formal process with respective Financial Creditors for release of guarantees upon fulfilment of applicable conditions under the resolution plan
Management Commentary
Management believes this represents a significant step towards minimizing and mitigating invocation risk associated with the corporate guarantee
Substantially reduces the Company's contingent liability exposure
Viewed as a significant milestone in reducing legacy contingent liabilities and strengthening the Company's financial position
