At a time when the Reserve Bank of India is identifying mega defaulters to initiate bankruptcy proceedings against them, Mumbai-based Amar Remedies is heading for liquidation with the company filing a bankruptcy petition on its own.
The company, which manufactures personal healthcare products, has defaulted on Rs 464 crore of loans taken from various financial institutions. One of the lenders, Bank of India lent Rs 4,93,72,342 through its Mumbai mid-corporate branch, while Saraswat Co-op Bank had extended a credit line of Rs 87,64,90,270. Lenders, including Bank of India, have already served the borrower legal notices to reclaim the defaulted sum.
The National Company Law Tribunal (Mumbai Bench) has admitted the petition appointing a…
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