SEL Manufacturing Company Ltd. filed a Civil Writ Petition (CWP No. 9131 of 2018) in the High Court of Punjab and Haryana against the Union of India, Ministry of Textiles, Reserve Bank of India, State Bank of India, and other lender banks, as well as the State of Madhya Pradesh. The petitioner sought various reliefs, including directions for the Bank Consortium to adjust the capitalized lost subsidy of Rs. 542 crores, implement the Master Restructuring Agreement (MRA), and compensate the company for loss of profits. The petitioner contended that the actions of the respondent banks led to the company becoming a Non-Performing Asset (NPA) despite being a major textile exporter with significant employment.
SEL Manufacturing Company Ltd., a company incorporated under the Companies Act, 1956, and its Managing Director, Neeraj Saluja, filed a writ petition against the Union of India, Ministry of Textiles, Reserve Bank of India, State Bank of India, and other lender banks, as well as the State of Madhya Pradesh. The company, a major textile exporter with approximately 60,000 shareholders and employing over 50,000 people, had set up a manufacturing unit in Madhya Pradesh with an investment of Rs. 2500 Crores. The company was entitled to textile subsidies from the Central and State Governments, amounting to Rs. 542 Crores. A Master Restructuring Agreement (MRA) was signed in 2014, but the Bank Consortium allegedly failed to disburse the agreed working capital of Rs. 800 Crores
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Master Restructuring Agreement (MRA) was…
The Bank Consortium failed to disburse working…
SEL Manufacturing Company Ltd. filed a Civil Writ Petition (CWP No. 9131 of 2018) in the High Court of Punjab and Haryana against the Union of India, Ministry of Textiles, Reserve Bank of India, State Bank of India, and other lender banks, as well as the State of Madhya Pradesh. The petitioner sought various reliefs, including directions for the Bank Consortium to adjust the capitalized lost subsidy of Rs. 542 crores, implement the Master Restructuring Agreement (MRA), and compensate the company for loss of profits. The petitioner contended that the actions of the respondent banks led to the company becoming a Non-Performing Asset (NPA) despite being a major textile exporter with significant employment.
SEL Manufacturing Company Ltd., a company incorporated under the Companies Act, 1956, and its Managing Director, Neeraj Saluja, filed a writ petition against the Union of India, Ministry of Textiles, Reserve Bank of India, State Bank of India, and other lender banks, as well as the State of Madhya Pradesh. The company, a major textile exporter with approximately 60,000 shareholders and employing over 50,000 people, had set up a manufacturing unit in Madhya Pradesh with an investment of Rs. 2500 Crores. The company was entitled to textile subsidies from the Central and State Governments, amounting to Rs. 542 Crores. A Master Restructuring Agreement (MRA) was signed in 2014, but the Bank Consortium allegedly failed to disburse the agreed working capital of Rs. 800 Crores
…Master Restructuring Agreement (MRA) was…
The Bank Consortium failed to disburse working…