Sakthi Sugars settles loan with IOB for Rs 29 crore against outstanding amount of Rs 50 crore

This development comes after the bank lodged an application with the National Company Law Tribunal last year, to start corporate insolvency resolution process against Sakthi Sugars.

Published: 30th June 2021 02:26 PM  |   Last Updated: 30th June 2021 02:26 PM   |  A+A A-

Indian Overseas Bank

Indian Overseas Bank (File photo| Express)

By PTI

NEW DELHI: Tamil Nadu-based Sakthi Sugars Ltd has made a one-time settlement of its loan from Indian Overseas Bank (IOB) for nearly Rs 29 crore as against the outstanding amount of Rs 50 crore.

After this settlement, the bank will withdraw its application before the National Company Law Tribunal (NCLT).

The company has made a "one-time settlement (OTS) on 29th June 2021 of the loan availed from Indian Overseas Bank at Rs 28.90 crore as against the amount outstanding of Rs 50.16 crore (principal and interest) as at 31st March 2021", Sakthi Sugars said in a regulatory filing.

With this OTS, the bank has agreed to withdraw its application before the NCLT, it added.

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