Nagpur: An insolvency petition has been admitted against the Manoj Jayaswal-led Abhijeet MADC Energy Private Limited (AMNEPL) by National Company Law Tribunal (NCLT). The plea was filed by Alchemist Asset Reconstruction Company (AARC) over a loan default of Rs959 crore. Companies under Jayaswal’s Abhijeet Group are sitting on bad loans worth Rs11,000 crore, making it one of the largest outstanding accounts in India.
AARC had taken over the loans from a consortium of lenders, including Axis Bank, State Bank of Hyderabad, Bank of Maharashtra, and Uco Bank. AARC had issued a notice to AMNEPL in January under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. As the company failed t…
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