PVP Ventures Limited had given a corporate guarantee to one of its step-down subsidiaries, PVP Capital Limited (“PCL”). PCL had entered in to a onetime settlement (“OTS”) with Canara Bank for a settlement amount of INR 95 Crores on March 15, 2022.
The reason for opting for OTS to reduce the debt liability of PCL. PCL had to pay INR 9 crores upfront and balance INR 86 crores by September 14, 2022. PCL had already remitted INR 9 crores and today (June 30, 2022) it has made the balance payment to Canara Bank.