6 years pending Case where no plans for recovery as all businesses of borrower’s were closed, AAAPL diverted the settlement offer to 12-15 Cr.
AAAPL was the lender’s advisor for a case of regional Educational Institutions Mammoth (multiple Clinical Research Colleges). The case was lingering on for 6 years and in Sept 2018 lender settled it in 6 Cr. with 3 years of payment plan with no interest against with a Net Pos of 8.13 Cr. But till date, a mere 11 Lacs were received only. There were no plans for recovery as all businesses of borrower’s were closed, no mortgaged property; personal property, etc.
When AAAPL came into the picture; we recovered 20 lacs from the customer even during settlement talks and then diverted the settlement offer to 8.75 Cr, but we still denied settlement later at this good amount. As we gathered so detailed information along with strong evidence that we have converted him to settle it for 12-15 Cr. with half of the amount recovered and the rest is in progress.