Madras High Court Common Order Settles Long-Standing Disputes; Attachments Lifted
Madras High Court passed a Common Order dated September 30, 2026 recording a Joint Memo of Compromise.
- Settlement Amount - Demand Draft
- Rs. 147 Crores
- Settlement Amount - Court Balance
- Rs. 2.5 Crores
- Receivables Attachment Removed
- Rs. 154 crores
- Direct Monetary Outflow
- Nil (paid by JD-1 under 2015 indemnity agreement)
- Court Order Date
- September 30, 2026
What happened
The Hon'ble High Court of Madras passed a Common Order dated 30-09-2026 in Execution Petitions Nos. 91 & 92 of 2023, 7 of 2024, 15 & 16 of 2025 and related applications, in which SEPC Limited was a Judgment Debtor.
A Joint Memo of Compromise executed between the Award Holders and the Judgment Debtors was presented before the Court, and the parties mutually decided to fully resolve all outstanding disputes for a total consideration.
Settlement terms
- Payment of a Demand Draft for Rs. 147 Crores (drawn on Axis Bank), submitted on the date of the order.
- A remaining balance of Rs. 2.5 Crores lying to the credit of the Court, agreed to be paid over to the Award Holders.
- All listed and un-numbered Execution Petitions terminated, and connected pending applications closed.
- All interim attachments made under these petitions stand completely raised.
Company's stated impact
- Direct Monetary Outflow: Nil, paid entirely by JD-1 under a 2015 indemnity agreement.
- Monetary value unlocked: attachment of receivables to the tune of Rs.154 crores removed with immediate effect.
- Restrictions on banking operations completely raised with immediate effect.
Background
The petitions were shared by GPE (India) Ltd, GPE JV1 Ltd and Gaja Trustee Company Private Limited, seeking realisation of Rs.2,83,41,80,550/- with interest, including garnishee attachment of amounts in numerous bank accounts and attachment of movable properties of the Judgment Debtors.
Why it matters
Execution proceedings and attachments can freeze receivables and restrict bank account operations. With the compromise recorded and attachments raised, the company has stated that these restrictions are removed, and the disputes and associated execution liabilities under the captioned petitions stand fully concluded and settled.
Also from SEPC
Madras High Court lifts attachment on Rs 154 crore receivables after dispute settlement
5 Oct 2026
Shareholders approve appointment of Ms. K B K Vasuki as Independent Director for 5 years
29 Sep 2026
More numbers
- Settlement consideration paid by Demand DraftRs. 147 Crores
- Balance lying to credit of Court, to be paid to Award HoldersRs. 2.5 Crores
- Attachment of receivables removedRs.154 crores
- Amount claimed in execution petitionsRs.2,83,41,80,550/-
- Direct monetary outflow for the companyNil
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