Nagpur: The Recovery Head Office of Bank of India, Mumbai has declared two directors of M/s Abhijeet MADC Nagpur Energy Pvt Ltd. as wilful defaulters for defaulting in meeting their payment obligations to the bank.
The borrower entity had availed a loan of Rs. 91.74 Crore from the erstwhile Nagpur Mid Corporate Branch on December 21, 2009, which presently operates with the Nagpur (Main) Branch.
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Saturday 05 Oct. 2024
The bank has shared the details of the directors, Manoj Jaiswal, Chairman (Promotor Director) and Abhishek Jaiswal, Director, with Credit Information Companies, as per the RBI guidelines. The outstanding loan amount with contractual interest as of 08.05.2023 is Rs. 138.29 Crore.
The bank has accused the directors of the borrower entity of committing acts of Wilful Default in accordance with the RBI Master Circular on declaration of Wilful Defaulters dated 01.07.2015.
Manoj Jaiswal is a resident of Shivlok, 801, B-Wing, J. P. Height, Near RBI Officer’s Colony, Gondwana Chowk, Byramji Town, Nagpur, while Abhishek Jaiswal resides at 246, Usha Sadan, Pt. RSS Marg, in Nagpur.
This move by the Bank of India comes in the backdrop of a rising trend of wilful defaults by borrowers, which has been a cause of concern for the banking industry. The bank’s decision to declare the directors of M/s Abhijeet MADC Nagpur Energy Pvt Ltd. as wilful defaulters is expected to serve as a strong deterrent against such practices in the future.
