Premier has paid in full One Time Settlement (OTS) amount of Rs 31.17 crore consisting of principal amount to the Corporation Bank as full and final settlement of their dues. As a result, the necessary consent terms have been filed before the National Company Law Tribunal (NCLT), Mumbai, resulting in disposal of the petition by NCLT.
Earlier, Corporation Bank had filed an application before the NCLT, Mumbai for recovery of their dues amounting to Rs 51.99 crore and the subsequent OTS for Rs 31.17 crore arrived at with the Corporation Bank.
Premier is engaged in the manufacture of automobiles and machine tools. The company has manufactured the widest range of commercial vehicles, which includes Premier Padmini -- one of the popular cars in India.