Settlement with Afcons for ~Rs.2.93 crore towards full and final settlement of dues
The company has arrived at a settlement with Afcons Infrastructure for an aggregate ~Rs.2.93 crore (Net of Tax), towards full and final settlement of dues.
By ScoutQuest · · 1 min read
- Settlement Amount
- ~Rs.2.93 crore (Net of Tax)
- Amount Claimed
- ~Rs.3.05 crore
- Claimed Amount Including Interest
- ~Rs.3.16 crore
What the update says
- The company had, through its advocates, issued a notice under the Insolvency and Bankruptcy Code, 2016 to Afcons Infrastructure Limited.
- That notice was for an amount of ~Rs.3.05 crore plus interest, totalling ~Rs.3.16 crore.
- The company has now arrived at a settlement with Afcons Infrastructure Limited for an aggregate amount of ~Rs.2.93 crore (Net of Tax).
- The settlement is towards full and final settlement of dues.
What an IBC notice means, simply
A notice under the Insolvency and Bankruptcy Code is a formal demand made before any insolvency proceedings are started. It signals that the sender is claiming money it says is unpaid and is putting the other party on notice. It is not by itself a court order or a final finding.
What has changed now
- The claim was being pursued formally; the company now says it has arrived at a settlement instead of continuing that route.
- The settled figure of ~Rs.2.93 crore (Net of Tax) is against a claimed amount of ~Rs.3.05 crore plus interest totalling ~Rs.3.16 crore.
- The update describes the settlement as full and final, which points to closure of this particular claim rather than a part-way arrangement.
Key figures to note
- Amount claimed: ~Rs.3.05 crore
- Claimed amount including interest: ~Rs.3.16 crore
- Settlement amount: ~Rs.2.93 crore (Net of Tax)
The settlement figure is lower than the total amount claimed including interest. The company has not, in this update, set out a payment schedule or the accounting treatment of the settlement.
Also from Garware Offshore Services
Board meeting on 5 November 2026 to consider September quarter and half year results
28 Oct 2026
Demand Notice Issued to Afcons Infrastructure for Rs. 3,04,59,761.44 Plus Interest Under IBC
30 Sep 2026
More numbers
- Amount claimed in IBC noticeRs.3,04,59,761.44
- Claimed amount including interestRs.3,16,20,074.44
- Settlement amount (Net of Tax)Rs.2,92,86,221.56
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