Creditors to scrap bankruptcy process of Siva Industries

The creditors, which include State Bank of India and Malaysia’s Maxis Communications Bhd, the former owner of telecom operator Aircel, have accepted Sivasankaran’s offer to pay them Rs 500 crore in return for cancelling all outstanding claims and withdrawing legal proceedings against his company, according to the people cited above. The creditors voted in favour of the withdrawal last week.

via Economictimes