Kohinoor Foods Ltd has received letter dated 21.12.2024 from the lead consortium lender stating that the Company's one-time settlement proposal has approved in the Kohinoor Foods Limited NPA Account.
The Company has already placed its proposal with the Consortium Lenders and is hopeful to obtain OTS sanction from all the Consortium Lenders in due Course.
(a) Reason for opting for One-Time Settlement
Kohinoor Foods Limited 'Kohinoor', embarked upon its journey in 1989. Since then it has been treating every milestone achieved as a stepping stone to go past another one. Today, in India and in over 60+ countries, consumer's lives have been touched by not only some of the finest basmati rice brands, but also a wide assortment of food products that includes Basmati Rice, Wheat Floor, Ready to Eat Curries & Meals, Simmer Sauces, Cooking pastes to Spices, Seasonings and Frozen Food. Kohinoor further expanded its product basket to pure Ghee, paneer (lndian Cottage Cheese), Ready Mixes- Namkeens & Sweets. It's a feat that Kohinoor Foods Ltd. pulled off by spreading the authentic India flavour across the globe. Thereby becoming a well-known food giant with one of the most powerful brand in its stable - "Kohinoor".
In June 2018 Kohinoor Accounts was declared as NPA and notice under 13(2) of SARFAESI Act has been issued along with a petition under section 7 of IBC has filed against the Company in NCLT Chandigarh Bench by the Lenders/Banks, which is yet to be admitted and an Ex-parte Interim Order dated 25.06.2020 from Debt Recovery Tribunal III, Delhi was passed, restraining the Company from transferring / alienating or otherwise dealing with, or disposing off or encumbering or creating any third party interest with respect ofthe hypothecated assets/immovable properties of the Company until further orders and due to restricted Banking facility and carving its financial needs for operations, the Company, was not able to cater the model of its business, as per previous years. Kohinoor, has enjoyed a default free, a long and strong banking relations of more than four decades with the lenders/banks and have requested the lenders/bank to consider the One Time Senlement ("OTS") Proposal.
As a Result of utmost continuous merit based effort by the Company, the Lead Bank has approved the OTS proposal Placed by the Company. Whereas the Compary has simultaneously placed its proposal with the Consortium Lender / Banks and is hopeful to obtain One-Time Settlement approval from all the Consortium Lenders in Due Course. On and after meeting the terms and Conditions of the approved One-Time Settlement Proposal, the Company, will able to resume its operations as earlier and will able to cater its clients / customers across the Globe.
(b) Brief Summary of the One-Time Settlement Proposal
- Rs. 227.45 Crores plus future delayed period intersst @ MCLR (1yr) +2% w.e.f., 01.10.2024 till final payment of OTS amount not later than 6 months from the approval of OTS by all lenders.
- The upfront amount of Rs. 25 Crore will be appropriated immediately upon conveying of sanction of OTS to the borrower.
- Rs. 175 Crore to be deposited on or before 31.12.2024
- Balance OTS amount of Rs. 27.45 Cr. plus future delayed period interest @ MCLR (1 yr) +2% w,e.f. 01.10.24 till payment of entire OTS amount but not later than 6 months from the approval of OTS by all lenders;
- On receipt of Rs. 190 Cr. consortium to release IP along with plant & machinery situated at Murthal;
- Members Bank will issue NOC to PNB after getting their entire share of OTS amount along with delayed period interest. Thereafter PNB will issue combined NOC to the borrower after getting its share in OTS with delayed period interest;
- Charge on other IPs mortgaged with Bank will be released only on receipt OTS amount along with delayed period interest plus adjustment of PNB account at PNB Dubai. Accordingly No Dues Certificate will be issued.
Shares of Kohinoor Foods Limited was last trading in BSE at Rs. 40.40 as compared to the previous close of Rs. 39.96. The total number of shares traded during the day was 16029 in over 417 trades.
The stock hit an intraday high of Rs. 41.24 and intraday low of 40.03. The net turnover during the day was Rs. 646490.00. |
