The city-based company has allegedly defrauded a 20-lender consortium, led by public sector Uco Bank, through conspiracy, cheating and forgery.The National Company Law Tribunal (NCLT), Kolkata, has ordered for initiation of the Corporate Insolvency Resolution process in respect of Basmati rice exporter REI Agro, which has allegedly been involved in a massive bank loan fraud, under the provisions of Insolvency and Bankruptcy Code.
The city-based company has allegedly defrauded a 20-lender consortium, led by public sector Uco Bank, through conspiracy, cheating and forgery. The consortium of bankers had extended a staggering R5,262 crore loan to the Basmati rice processing and marketing company.
In a stock exchange filing on Tuesda…
Read the full article at: http://www.financialexpress.com/industry/nclt-orders-corporate-insolvency-resolution-process-for-rei-agro/578784/
