Nagpur: After the CBI booked the Director of Steel and Metal Topworth for RS 63 Crore’s loan fraud at the Idbi Bank on Monday, the company said the action violated the command of the Civil Service Bombay.
Abhay Lodha, a Director, who was also mentioned in this case, said that the company now plans to submit an insult to court requests for the Bank.
The bank has stated companies that have intentional resurrection.
However, the status quo has been given to the classification of Topworth steel as an intentional seat.
But the IDBI Bank, one of the consortium lenders, continued and filed a complaint with the CBI based on the company’s classification as a deliberate resurrection.
The CBI has registered a case against Director Directors, said Lodha.
The court order shares with TOI by Lodha reading that the two parties must maintain the status quo until the decision about motion notifications.
The order was dated June 7, 2020.
The next trial was scheduled for June 19, 2020.
However, said the trial was not held on that date.
However this problem remains delayed before the court, he said.
Orders made in the petition submitted by the company on the buyer’s consortium by the company.
Topworth has moved the CBI to the intentional defaulting declaration.
Lodha claimed that the action violated the court order.
The status quo means that none of the parties can continue further.
Even after declaring a company as an intentional resurrection, the bank must stop further action until the problem was decided in court.
Even the company should have resist actions against the bank until then, said Lodha.
Lodha said the loan was taken for working capital needs.
However, the deterioration at the steel level causes losses.
Loss is for business reasons and companies cannot pay loans.
Idbi in his complaint accused the company of misuse and criminal violations of trust.
The bank, after the forensic audit of a loan account, can declare the borrower as an intentional seat.
Cases are also called CBI for further action.
This case is related to the business of the company in Raipur, in Chhattisgarh.
The Topworth group has its presence in Vidarbha.
It also has plants in Umred under different companies.