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Our Bureau

Hyderabad , Jan. 7

PENNAR Profiles Ltd (PPL) has informed the stock exchanges on Friday that it has received a notice from the Andhra Pradesh High Court in connection with the winding up of the company.

The Board for Industrial and Financial Reconstruction had earlier ordered for winding up of the company. However, contesting this, PPL moved the Appellate Authority for Industrial and Financial Reconstruction, which had stayed the BIFR order at a hearing held on November 16.

The Andhra Pradesh High Court has now posted the case for February 17 in connection with winding up orders, the company said.

The Managing Director of Pennar Profiles, Mr P. Bhaskar Rao, told Business Line that the company has entered into one-time settlement arrangement with all the lenders except one.

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