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Syndicate Bank sanctions OTS proposal of Sudal Industries

Syndicate Bank has sanctioned the One time Settlement (OTS) Proposal of Sudal Industries by accepting around Rs 33.41 crore towards the settlement of total dues of around Rs 51.66 crore calculated at MCLR + 1.25% i.e. 9.60% p.a. simple from the date from which interest is not debited to the account i.e. from (January 20, 2014 to September 30, 2019) as against the book balance of Rs 33.39 lakh plus cost of Rs 2 lakh involving write off of NIL and waiver of Rs 18.26 crore as on September 30, 2019.

Sudal Industries produces a comprehensive range of Aluminium Extrusions of custom made shapes which find applications in different areas: Automotive, Building & Construction, Electrical, Marine, Transport and Windows.

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