Premier has informed that the company has been served a notice by Corporation Bank (one of its secured lenders) intimating that they have filed an application before the National Company Law Tribunal, Mumbai, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for recovery of their dues amounting to Rs 51.99 crores (including principal amount of Rs 31.17 crores). In this connection, the company has had discussions with Corporation Bank since the receipt of this notice, including yesterday, December 11, 2018, to arrive at an amicable settlement of this issue. Based on the said discussions, Corporation Bank has indicated to the company that it is open to considering an amicable settlement and the company is taking the requisite actions in this regard to achieve the same. As disclosed in the notes attached to its quarterly financial results as well as annual reports, the company has initiated steps to monetize its land assets in order to reduce its debt and is hopeful of completing the same by the end of the current Financial Year. In addition, the company is in discussion with Edelweiss Asset Reconstruction Co., its majority secured debt holder, for a comprehensive restructuring plan for the company.
The above information is a part of company’s filings submitted to BSE.