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Mumbai, Oct. 3 Knowledge process outsourcing firm eClerx Services has accepted a cure amount of $561,340.33 proposed by Lehman Brothers as a full and final payment against the receivables of approximately a million dollars.

This cure amount was offered under a petition filed by Lehman under Chapter 11 of the US Bankruptcy Act, in a New York Court.

To transfer contracts from Lehman to Barclays, the bankruptcy law requires making up any payments that were missed. In other words, the ‘cure amount’ is a cure to all the claims that vendors might otherwise have against Lehman. Business Line had in its issue dated September 26 mentioned that Indian vendors may not dispute the cure amounts proposed by Lehman.

“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,” Mr. P D Mundhra – Executive Director, eClerx Services Ltd, said, without naming the client.

The eClerx scrip was down by 4.12 per cent to close at Rs 115.1 on the Bombay Stock Exchange on Friday.

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