Crane maker Tractors India dragged to NCLT
ECONOMY & POLICY

Crane maker Tractors India dragged to NCLT

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.

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.

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