Madras High Court lifts attachment on Rs 154 crore receivables after dispute settlement

Madras High Court's Common Order dated September 30, 2026 ends execution proceedings against the company and other co-parties.

Mon 5 Oct 2026

Total Settlement Amount

Rs 149.5 crore

Demand Draft Submitted

Rs 147 crore

Amount Already With Court

Rs 2.5 crore

Attachment Removed

Receivables of Rs 154 crore released with immediate effect

Company Outflow

No direct monetary outflow; paid by another party under a 2015 indemnity agreement

What the company announced

SEPC Ltd has informed the exchanges that the Hon'ble High Court of Madras, through its Common Order dated September 30, 2026, has brought a full and final closure to the execution proceedings shared against the company and other co-parties by the Award Holders. The Court has terminated all the related Execution Petitions and closed all connected pending applications, following a Joint Memo of Compromise executed between the parties.

The company has said that with this order, all long-standing disputes and the related execution liabilities under these petitions stand fully concluded and settled.

Key highlights of the order

• Full and final settlement: the parties agreed to a total settlement of Rs 149.5 crore, comprising a Demand Draft of Rs 147 crore submitted before the Court and Rs 2.5 crore already lying to the credit of the Court, which will be paid to the Award Holders.
• Nil outflow for the company: the settlement amount has been paid entirely by another party under a 2015 indemnity agreement, with no direct monetary outflow for the company.
• Receivables unlocked: all interim attachments made under these petitions now stand raised, releasing receivables of Rs 154 crore with immediate effect.
• Banking operations restored: all restrictions on the company's banking operations have been completely lifted with immediate effect.
• All proceedings closed: all listed and un-numbered Execution Petitions have been terminated and all connected pending applications closed.

What the management said

Mr. Venkataramani Jaiganesh, Managing Director, said the order of the Hon'ble High Court of Madras brings these long-standing proceedings to a full and final closure. He said the matter has been settled with no direct cash outflow for the company, and that the release of Rs 154 crore of receivables along with the lifting of all banking restrictions gives the company greater financial flexibility with immediate effect. He added that with this matter now behind them, the focus remains on project execution and on delivering sustainable growth for all stakeholders.

Background financials shared with the release

• Total Income of Rs 1,085.8 Cr in FY26, against Total Income of Rs 646.0 Cr in FY25.
• EBITDA of Rs 108.9 Cr in FY26.
• Net Profit of Rs 53.5 Cr in FY26, with net profit more than doubling over the previous year.

How to read this

For a retail reader, the two operational points stated in the release are that the attachment on receivables of Rs 154 crore stands removed and that restrictions on banking operations have been completely lifted, both with immediate effect. The release also states that the settlement required no direct monetary outflow from the company because it was paid by another party under a 2015 indemnity agreement. These are the facts as stated by the company in its press release, together with the financial figures it has shared for context.

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