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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →The Madras High Court’s September 30, 2026 common order recorded a settlement and lifted interim attachments over SEPC’s trade receivables. SEPC said the settlement was funded by another judgment debtor, leaving the company with no direct monetary outflow, and that restrictions on its banking operations were completely raised. The company disclosed the order to exchanges on October 1.
What the court’s September 30 order changed
In its October 1 exchange disclosure, SEPC said the High Court recorded a Joint Memo of Compromise between the award holders and judgment debtors, including SEPC. According to the filing, the court terminated the listed and unnumbered execution petitions, closed connected applications and lifted the interim attachments in those proceedings. The order itself is dated September 30, 2026; October 1 is the date SEPC reported it to the exchanges.
The attachment had been imposed on February 19, 2026, during proceedings to enforce a foreign arbitral award in India. It covered ₹154,63,23,499—about ₹154.63 crore—of trade receivables, rather than all of SEPC’s receivables. The February order said the attachment would remain until an independent audit report was received. The Madras High Court’s September 21 order later recorded that the audit agency, PricewaterhouseCoopers, had filed its report on April 22. [SEPC’s February disclosure hosted by NSE; September 21 High Court order]
How the settlement was funded
SEPC’s October 1 filing described the compromise consideration as ₹147 crore paid by demand draft drawn on Axis Bank and submitted on September 30, plus ₹2.5 crore already lying to the court’s credit in a modification application. The filing said judgment debtor 1 paid the amount under a 2015 indemnity agreement, so SEPC’s direct monetary outflow was nil. These are the company’s reported terms and attribution; the ₹154.63 crore attached amount was not the settlement consideration. [SEPC’s October 1 exchange disclosure, reproduced by BazaarWatch]
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Why the receivables figures do not match
The attached sum was only part of the receivables balance, but the cited documents give different totals for that balance. SEPC’s February 27 filing reported total trade receivables of ₹449,62,35,793. The September 21 court order, recounting the February attachment order, recited a total of ₹499,62,35,793. The available figures should not be combined or treated as a corrected single total: they are inconsistent across the company filing and court record. [SEPC’s February 27 disclosure hosted by NSE; September 21 High Court order]
How the case reached settlement
- January 7, 2021: An arbitral award was issued, according to the Madras High Court’s September 21, 2026 order.
- December 24, 2021: The Singapore International Commercial Court affirmed the award on appeal, as recounted by the Madras High Court.
- January 5, 2023: The Madras High Court treated the foreign award as a decree of that court under Sections 47–49 of India’s Arbitration and Conciliation Act, according to the September 21 order.
- February 19, 2026: The High Court held the award enforceable in India, appointed an audit firm to examine SEPC and ordered the interim attachment of ₹154,63,23,499 in trade receivables.
- April 22, 2026: The independent audit agency filed its report, according to the September 21 order.
- September 21, 2026: The court dismissed an application to modify the attachment. It criticized the judgment debtors for not disclosing a funding source for proposed quarterly payments. After pronouncing its order, it recorded an additional affidavit referring to a negotiated settlement and a proposed balance payment by October 7.
- September 30–October 1, 2026: The court passed the common order recording the compromise; SEPC disclosed it the following day.
In its September 21 order, the court wrote: “This Court is of the view that it cannot bow down to such intimidation particularly when the order dated 19.02.2026 had categorically recorded a finding of fact that the Judgment Debtors had with the damocles sword that was hung by the Hon’ble Apex Court, within a short span of two (2) weeks had made payment of a substantial sum of Rs.120 Crores.” The sentence appears in Justice K. Kumaresh Babu’s order in A.No.1812 of 2026 in E.P.91 of 2023. The order also recounted that judgment debtors had previously paid ₹120 crore within two weeks after Supreme Court orders. [September 21 High Court order]
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What SEPC says the release means for banking operations
SEPC said the attachment on ₹154 crore of receivables was removed and restrictions on banking operations were completely raised with immediate effect. This describes the company’s account of the order’s impact; it does not by itself establish a separately measured improvement in cash flow, solvency or operating performance. A later issuer announcement listing dated October 5 carried the title “Major relief for SEPC as Madras High Court lifts attachment on Rs. 154 crores trade receivables following Dispute Settlement,” but the company’s filing says the operative common order was passed on September 30. [SEPC’s October 1 exchange disclosure, reproduced by BazaarWatch; October 5 announcement listing]
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