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NCLT reserves order on Siva Industries' one-time settlement offer with lenders

The Hindu  

The National Company Law Tribunal (NCLT), Chennai has reserved its order on the one-time settlement offer between promoters of Siva Industries & Holdings Ltd. and lenders. Last week, NCLT had sought an explanation from lenders on the rationale behind accepting the offer. As per the proposal, claims worth about INR 4,200 crore are proposed to be settled through payment of INR 323 crore by Siva Industries. Third-party guarantors would bring in INR 555 crore. In 2019, the NCLT had admitted insolvency proceedings against the C.Sivasankaran-promoted company in a case filed by IDBI Bank Ltd.