<h1>Arcotech Limited Secures Approval for One Time Settlement After Financial Stress</h1>
Arcotech Limited has received approval for its One Time Settlement (OTS) proposal following periods of financial stress and defaults on payment obligations to its consortium of Banks and Financial Institutions, referred to as 'the Lenders'. The company's accounts had been classified as a Non-Performing Asset (NPA), leading Arcotech to request an OTS after restructuring attempts were unsuccessful.
The approval for the One Time Settlement has been granted by all secured lenders within the Consortium/JLF, including Banks and Financial Institutions who provided credit facilities to the company. The terms and amount of the OTS have been agreed upon between Arcotech Limited and the Lenders in full and final settlement against total dues.
According to the summary of the OTS, IFCI Ltd will retain symbolic possession of the company's factory premises until the date of the full OTS payment. Following this agreement, Arcotech expects to restart its operations soon.
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