Following the failure of earlier attempts at debt recovery, Bank of India has filed for insolvency against Kolkata-based commercial equipment maker TIL (Tractors India) in order to recoup its obligations.

Five banks, including BoI, have a combined amount of 6000 million in receivables from the company that banks have labelled as a non-performing asset. "The NCLT has the matter on file pending admission. Given that the company is in financial trouble and a settlement is improbable, there was no other option "a person who is knowledgeable of the process said.