Bengaluru: Congress MLC Naseer Ahmed has landed in serious trouble after the National Company Law Tribunal (NCLT), Bengaluru Bench, declared him insolvent in connection with a massive loan default involving Bengaluru-based M/s Scotts Garments Limited. The development has raised questions over the continuation of his membership in the Karnataka Legislative Council.
According to official proceedings, Scotts Garments Limited allegedly failed to repay outstanding dues amounting to ₹1,454 crore to a consortium of lenders. Acting on a petition filed under the Insolvency and Bankruptcy Code (IBC), 2016, by the State Bank of India, Canara Bank and IDBI Bank, the NCLT passed its order on June 12.
The banks had approached the tribunal seeking…