Edelweiss ARC under pressure to recover Rs.1,996-Cr from Karaikal Port Pvt Ltd

Edelweiss Asset Reconstruction Co Ltd (EARC) is weighing the next course of action to recover unpaid dues from Karaikal Port Pvt Ltd after the Madras High Court dismissed a writ petition brought by the port's promoter Marg Ltd seeking to quash a letter written by EARC asking Marg to pay the entire outstanding of INR 1,995.95 crore. An April 30 letter written by EARC had said it would be forced to revoke the master restructuring agreement of July 26, 2018, if the entire debt was not paid in seven days.