Lenders accept Supreme Housing’s ₹522-crore settlement offer
In short
Canara Bank and other lenders agreed to Supreme Housing and Hospitality’s ₹522-crore one-time settlement. The company’s debts were close to ₹700 crore.
The settlement matters because it lets the company resolve its debts and gives the banks about 75% recovery on the money involved.
What the reporting says
Canara Bank and other lenders accepted a ₹522-crore one-time settlement from Supreme Housing and Hospitality to resolve debts of about ₹700 crore. The offer covers fund and non-fund exposure tied to corporate guarantees given to subsidiary entities. The deal implies a 75% recovery for the banks involved and helps the company clear the debt load.
Why it matters
Canara Bank and other lenders accepted Supreme Housing and Hospitality’s ₹522-crore one-time settlement offer, covering both fund and non-fund exposure linked to corporate guarantees for subsidiary entities. The reported debt was close to ₹700 crore, and the arrangement is described as a 75% recovery for the lenders. The action reduces the company’s debt burden and gives banks a partial recovery.