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| Exchange Received Time 20/02/2018 20:09:12 Exchange Disseminated Time 20/02/2018 20:09:19 Time Taken 00:00:07 | With reference to clarification sought on recent news article titled 'Rotomac promoter flees country after Rs. 8 billion default'.
This is to inform you that M/s. Rotomac Global Pvt. Ltd. has been banking with our Bank for almost a decade and was sanctioned credit limits in due process under consortium arrangement in which Bank of India is Leader. The limits were backed by cash margin and immovable property as security and the guarantee of its promoters/directors and corporate guarantee. The account slipped to NPA on 30.06.2016. Bank started recovery action against the company and case was filed in DRT and decree was obtained by us. Based on this decree, the directors of the company were restrained from leaving the country and same was notified to Regional Passport Officer Lucknow and the Immigration Authorities in Delhi in July / August 2017.
The borrower was referred to NCLT by Bank of Baroda and was admitted on 20.09.2017. We have filed our claim with NCLT.
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