Kirloskar Electric Company Ltd settles outstanding dues with Union Bank of India

In line with the company's discussion with Union Bank of India (formerly known as Corporation Bank) for the settlement of outstanding dues of NPA loan account, Kirloskar Electric Company Limited has entered into a one-time settlement (OTS) of loan account with the aforesaid bank as per the terms and conditions of the said Bank. The Company has obtained the No Due Certificate (NOC) from the aforesaid bank on payment of full and final settlement amount.

The Company had availed the loan which has to be repaid against the monetization of a specific property. This property could not be monetized on time and hence the settlement was carried out as per mutual discussions between the Company and the Bank to provide long term sustainability to the Company's operations.

Source : Equity Bulls

Keywords

KirloskarElectricCompany OTS UnionBankofIndia OutstandingDues NPA LoanAccount