Mumbai : After having narrowly escaped bankruptcy in October, Jai Balaji Industries is, once again, facing insolvency as the State Bank of India filed a winding-up plea against the company to recover dues worth nearly Rs 900 crore, a source said.
SBI has approached the Kolkata bench of the National Company Law Tribunal (NCLT) for initiating insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. The case is likely to come up for hearing later today.
In September, SBI had tried to sell off Jai Balaji’s bad loans worth Rs 873 crore to asset reconstruction companies, but failed to find a suitor, the source said.
The company had a debt of Rs 3,713 crore as on Mar 31, 2017.
In October, IFCI had filed an insolvency plea against the company in NCLT for unpaid dues worth Rs 31 crore, which was later withdrawn as the company assured it would settle its dues to the bank.
Apart from SBI, Bank of India and Indian Overseas Bank recently put company’s loans worth Rs 124 crore and Rs 183 crore, respectively, on the block.