The National Company Law Tribunal (NCLT) has declared Congress MLC Naseer Ahmed insolvent for defaulting on bank loans and interest amounting to Rs 1,454.71 crore, posing a threat to his Legislative Council membership and voting rights.
The case involves a garments company where Naseer Ahmed served as Managing Director while his wife, Ayesha Naseer, and son, Avez Ahmed, were directors. The company obtained loans from SBI, Canara Bank, and IDBI Bank, with Naseer and his family providing personal guarantees. Following the company’s losses, the dues were not repaid.
The banks classified the loans as Non-Performing Assets (NPA) after failed recovery efforts and initiated loan recovery proceedings before the NCLT….