Key Quantitative Figures

  • Total settlement amount: ₹18.00 Crores paid to Bank of Bahrain and Kuwait BSC (BBK)
  • Expected recovery from HDFC Bank: Approximately ₹4.06 crores

Timeline of Events

  • 22nd October, 2026: Execution of Consent Terms with HDFC Bank Limited and Bank of Bahrain and Kuwait BSC
  • 23rd October, 2026: Initial intimation to exchanges regarding settlement
  • 26th October, 2026: Consent Terms filed before Debt Recovery Appellate Tribunal (DRAT) - Mumbai
  • 26th October, 2026: Demand draft of ₹18.00 Crores handed over to BBK during court hearing

Parties Involved

  • Ashima Limited (Company)
  • HDFC Bank Limited (Counterparty)
  • Bank of Bahrain and Kuwait BSC (BBK) (Counterparty)
  • Debt Recovery Appellate Tribunal (DRAT) - Mumbai (Adjudicating authority)
  • Hon'ble Commercial Court, City Civil Court, Ahmedabad (Pending case jurisdiction)

Legal Proceedings

  • Consent Terms executed between all parties on 22nd October, 2026
  • DRAT Mumbai passed oral order in open court accepting the Consent Terms
  • Court allowed withdrawal of all cases mentioned in the settlement
  • Company will now proceed to withdraw civil suit pending before Commercial Court, City Civil Court, Ahmedabad

Financial Arrangements

  • Settlement amount of ₹18.00 Crores paid to BBK via demand draft
  • HDFC Bank will pay approximately ₹4.06 crores to company after successful withdrawal of Ahmedabad case
  • The ₹4.06 crores represents company funds held by HDFC Bank