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