Silverline Technologies Limited has successfully resolved a significant legal dispute with Apex Urban Co-operative Bank (in liquidation) through a final settlement of ₹26 crore. The settlement, recorded before the Hon’ble High Court of Bombay, marks a major reduction from the original ₹35.98 crore claim, including interest and arbitration costs. This move brings full legal closure to a long-standing liability and paves the way for enhanced financial clarity for the company.
The dispute, originally valued at ₹35.98 crore (inclusive of 12.5% p.a. quarterly compounded interest and ₹51.05 lakh arbitration cost), has been conclusively settled for ₹26 crore reflecting a savings of ₹9.98 crore, or nearly 28%. The consent terms were executed under Execution Application No. COMEX/6/2025 with IA No. 3637/2024 before the Bombay High Court.
Out of the ₹26 crore, ₹7 crore has already been paid, ₹2 crore via a demand draft on April 20, 2024, and ₹5 crore via a cheque on May 26, 2025. The remaining ₹19 crore will be paid via post-dated cheques drawn on Axis Bank, Thane Branch, as follows:
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The judgment creditor has withdrawn all civil and criminal cases, including those under the Negotiable Instruments Act. The High Court has recorded the execution and satisfaction of the consent terms. Upon final payment, a No Dues Certificate will be issued, and all registered mortgages and encumbrances shall be released.
On September 4, 2025, the Board authorised Mr. Yakin Kumar Bansilal Joshi (DIN: 10745009) to negotiate and finalise the agreement. The settlement eliminates a legacy liability, boosts financial positioning for lenders and investors, and strengthens corporate governance. It enables the company to redirect focus on strategic technology growth areas, including AI, cloud services, and cybersecurity initiatives.
On September 11, 2025, Silverline Technologies share price opened at ₹18.00 on BSE, below the previous close of ₹18.01. During the day, it surged to ₹18.91 and dipped to ₹18.00. The stock is trading at ₹18.91 as of 9:38 AM. The stock registered a significant gain of 5.00%.
Over the past week, it has moved up by 11.37%, over the past month, it has moved up by 74.61%, and over the past 3 months, it has moved up by 60.25%.
The ₹26 crore settlement with Apex Bank marks a turning point for Silverline Technologies. It demonstrates responsible financial conduct and creates fresh opportunities for operational and strategic growth by resolving a long-standing legal encumbrance.
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Published on: Sep 11, 2025, 2:14 PM IST
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