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Spentex Industries intimates of assignment of debts to ARCIL by lenders

Capital Market 

announced that both Indian and State of have assigned their respective/all debts due and payable to them by the Company, together with the underlying securities/rights/titles/in favour of (India) (ARCIL), under the relevant provisions of SARFAESI Act.

Accordingly, has acquired all the rights of Indian and respectively as a lender in respect of credit facilities/financial assistance granted by them to the Company.

Further, the Company is in negotiation with the lenders for a comprehensive deep restructuring of debts through ARC route or otherwise so as to bailout the Company from the present situation and the Company is hopeful to get restructuring of its debts done in due course.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 07 2019. 09:49 IST