NCLT declares Congress MLC Naseer Ahmed insolvent over a Rs 1,454.71 crore loan default. The order puts his Legislative Council membership and voting rights at risk, as he was a personal guarantor for his family’s company loans.
In a major setback for Congress MLC Naseer Ahmed, the National Company Law Tribunal (NCLT) has declared him insolvent over default on bank loans and interest totalling Rs 1,454.71 crore.
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The order puts his Legislative Council membership and voting rights at risk.
Details of the Loan Default
The case relates to a garments limited, where Naseer Ahmed was Managing Director and his wife Ayesha Naseer and son Avez Ahmed were directors. The company had taken loans from SBI, Canara…