Lenders accept Supreme Housing's Rs 522-crore settlement offer

What happened: Canara Bank and other lenders accepted a Rs 522-crore one time settlement offer from Supreme Housing and Hospitality. Key numbers: Rs 522 crore settlement; debts close to Rs 700 crore resolved; 75% recovery for banks. Why it matters: The settlement covers fund and non-fund exposure from corporate guarantees given to subsidiary entities, helping the company resolve debts close to Rs 700 crore.

Canara Bank and other lenders accepted a Rs 522-crore one time settlement offer from Supreme Housing and Hospitality.

The settlement covers fund and non-fund exposure from corporate guarantees given to subsidiary entities, helping the company resolve debts close to Rs 700 crore.