Vikas WSP has been availing Working Capital Facilities for Export from Punjab National Bank, Union Bank of India and Bank of India under consortium and a Working Capital aggregating to Rs 177.44 crore is outstanding as on May 27, 2016 against these facilities. The Company had settled a legal suit in US court for $ 80 millions (Rs 494 Crore) in the year 2014-15 but after paying $ 40 million, the customer stopped paying the installment in July’15. Consequently due to non recovery of the said dues to the extent of $ 40 million approximately Rs 268 crore, the Company has not been able to make payment to banks on a timely basis.
These bankers have declared the company’s banking facility as non performing assets (NPA) mainly on account of non realization of export receipts and also served a notice to the Directors of the Company for declaring as ‘will full defaulter’. However, the Company has started making payment of dues vide its letter dated June 20, 2016 at its own and has filed a court case for $ 40 million against the customer.
Vikas WSP is engaged in manufacturing and supplying of Guar Gum Powder. Its products include bakery, noodles, diet foods and ice creams etc.
