Essel Propack receives part repayment of outstanding dues of ICD of Rs 96.06 cr

Essel Propack has received commitment of repayment of outstanding dues of Inter corporate deposit of Rs. 96.06 crores (ICD) from Sprit Infrapower & Multiventures (Sprit). Accordingly, an amount of Rs. 25.30 crore has already been received towards part repayment along with interest due and Sprit has further agreed to honour the remaining amount on or before 31 March 2019.

Essel and Sprit had entered into Inter Corporate Deposit agreement in relation to dues of Rs. 96.07 crore payable to Essel. Sprit was related party as per applicable accounting standard.

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