eClerx Services accepts cure amount of $0.56mn

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eClerx Services accepts cure amount of $0.56mn

eClerx Services Ltd accepts a cure amount of $0.56mn from its previous client against outstanding of $1mn

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  eClerx Services Ltd (ESL), India's first listed KPO, accepted a cure amount of $ 561,340.33 proposed by the Company's previous client as full and final payment against the receivables of approximately a million dollars. This cure amount was offered under a petition filed by its client under Chapter 11 of the US Bankruptcy Act, in a New York Court.

Commenting on the matter, Mr. P D Mundhra - Executive Director, eClerx Services Ltd said: "We shared a long standing relationship with the client and have agreed to this cure amount in order to bring the issue to resolution. We are currently engaged in discussions with both the previous client and their acquirer to determine what support we can provide to the combined entity"

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