Alps Industries enters into OTS with Syndicate Bank

16 Aug 2019

Alps Industries has settled under One Time Settlement (OTS) with Syndicate Bank for settlement of all their dues towards company as adopted by the company’s board on August 14, 2019. Syndicate Bank and the company in order to avoid any delays, apprehensions, concerns, and risks inherent have agreed to settle the dues.

As per Bank's claim the total amount outstanding against company towards various credit facilities granted to the company including interest till September 30, 2018 was Rs 42.07 crore.

Alps Industries began with manufacturing home furnishing items and table and bed linen for the hotel industry in the domestic market and subsequently commenced exports of the said items.

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