For settlement of dues aggregating Rs 156.85 crore
Kiri Industries announced that the Company has entered into settlement agreement with Punjab National Bank for settlement of debts of the Company.As per settlement terms total outstanding debt was Rs. 156.85 crore and total settlement amount is Rs. 86.50 crore out of which the Company has paid Rs. 21.25 crore upfront and balance Rs. 65.25 crore payable in 12 equal monthly instalments with simple interest @ 10.00% p.a. Further if the Company fails to pay two consecutive instalments to the Punjab National Bank then entire settlement will stand cancelled and the Company will be liable to pay entire outstanding debts of Rs. 156.85 crore along with interest.
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