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PNB takes Tarapur Textiles Park to DRT for $13-million loan default

A PNB official said Tarapur Textile account had turned into a non-performing asset and PNBIL (PNB International Ltd) has initiated recovery proceedings against the borrower

PNB takes Tarapur Textiles Park to DRT for $13-million loan default
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Dev ChatterjeeAbhijit Lele Mumbai
With investigations into Nirav Modi scam in full swing, Punjab National Bank (PNB) has unearthed yet another default from its London branch. The bank has moved the Debt Recovery Tribunal (DRT) against Tarapur Textiles Park for defaulting an amount worth $13 million. 

A PNB official said Tarapur Textile account had turned into a non-performing asset and PNBIL (PNB International Ltd) has initiated recovery proceedings against the borrower. 

The case had been filed in the DRT by PNBIL in July last year and the matter is pending in court since then, PNB said.

The bank is investigating why the loan was given by the

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First Published: Apr 30 2019 | 12:03 AM IST

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