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NCLT Declares Congress MLC Naseer Ahmed Bankrupt Over ₹1,454 Crore Debt
Case Law Details
- Case Name
- State Bank of India Vs Naseer Ahmed (NCLT Bengaluru)
- Appeal Number
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- NCLT
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State Bank of India Vs Naseer Ahmed (NCLT Bengaluru)
The National Company Law Tribunal (NCLT), Bengaluru Bench, allowed an application filed by Canara Bank, State Bank of India, and IDBI Bank under Section 121(b) of the Insolvency and Bankruptcy Code, 2016, to initiate bankruptcy proceedings against the personal guarantor of M/s. Scotts Garments Limited for an outstanding amount of ₹1,454.71 crore. The corporate debtor’s loan accounts had been classified as non-performing assets in 2018 by the consortium lenders. The respondent had executed personal guarantee documents for the credit facil...
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