Key Quantitative Figures
- Fixed Deposit created: ₹120 Crores
- Deposit held with: State Bank of India (Lead Bank)
Dates of Action
- Fixed Deposit creation date: Not specified (implied recent)
- Court hearing date: 20 July 2026
- Deadline for procedural formalities: 17 August 2026
Parties Involved
- Lead Bank: State Bank of India
- Escrow Agent: SBICAP Trustee Company Limited
- Regulatory body: Hon'ble Company Court
- Other stakeholders: Lenders, shareholders, investors
Purpose and Rationale
To implement the Scheme of Compromise and Arrangement with lenders by creating sufficient funds to meet balance settlement obligations. The Fixed Deposit was created with support from the promoter group and represents full satisfaction of the Company's funding obligations under the sanctioned Scheme.
Financial Impact
The ₹120 Crore Fixed Deposit is earmarked exclusively for facilitating completion of payments to remaining lenders. This represents the balance settlement obligations under the Scheme.
Current Status and Next Steps
The Hon'ble Company Court took on record the creation of the Fixed Deposit on 20 July 2026. The Court granted time until 17 August 2026 for completion of remaining procedural formalities by concerned banks and stakeholders. The Company believes the balance process is primarily procedural in nature and expects successful completion within the court-granted timeline.
Management Commentary
Management expressed appreciation to lenders, regulators, shareholders, investors, and all stakeholders for their continued support and confidence throughout the restructuring process. The Company remains committed to completing remaining formalities expeditiously and pursuing long-term strategy of financial restructuring, operational revival, and sustainable value creation.