State-run lender Union Bank of India has filed a bankruptcy petition against infrastructure developer Gammon India at the National Company Law Tribunal (NCLT) for a loan default of ₹315 crore.
Gammon India has outstanding dues of about ₹7,000 crore to lenders, including Union Bank. After it defaulted on loans in October 2015, the loans were restructured under the corporate debt restructuring (CDR) scheme.
The RBI, however, in February, withdrew all debt recast schemes and asked banks for resolution of stressed assets within a time frame, failing which banks need to initiate bankruptcy proceedings against the defaulters.
According to Gammon India’s annual report, the turnover of the company on a standalone basis stood at ₹1,069.85 crore, as compared with ₹6,697.50 crore during the previous 18-month-period ended March 31, 2016.
It posted a net loss of ₹1,661.95 crore during the period ended March 31, 2017 as against a net profit of ₹100.52 crore during the previous period ended March 31, 2016.
