Lenders seek restriction on Gammon chief’s travel

MUMBAI: Banks have written to the regional passport officer, Mumbai, asking him to impound the passport of Abhijit Rajan, chairman of Gammon India — an engineering company that has defaulted on its loans. The lenders’ choice used to be made public via BJP member of Parliament Kirit Somaiya, who stated in a commentary that banks have knowledgeable him that they have requested for Rajan’s passport to be impounded.

In the letter, Allahabad Bank stated that leader of their consortium, ICICI Bank, had convened a gathering of lenders on September 19 to talk about the complaint. Following this, the banks approached the passport authorities. Allahabad Bank is understood to have written to Somaiya, acknowledging the MP’s complaint together with confidential information bearing on the corporate’s staff accounts won from a whistleblower.

Gammon India owes banks round Rs 7,000 crore. Last month, public sector lender Union Bank of India had approached the bankruptcy court docket after the corporate defaulted on a Rs 315-crore mortgage.

Although Gammon India had defaulted in 2015, banks had been seeking to get the corporate back on course beneath quite a lot of restructuring schemes. However, time ran out for the corporate after the RBI did away with all loan-restructuring schemes in February this year. Lenders have faced flak after promoters like Vijay Mallya and Nirav Modi fled the country after defaulting on massive loans.
Lenders seek restriction on Gammon chief’s travel Lenders seek restriction on Gammon chief’s travel Reviewed by kailash soni on October 10, 2018 Rating: 5
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