OBC drags L&T Halol Tollway to NCLT to recover dues of `78 cr

New Delhi: State-owned Oriental Bank of Commerce on Wednesday said it has taken L&T group to the National Company Law Tribunal (NCLT) and has initiated a Corporate Insolvency Resolution Process (CRIP) against L&T Halol-Shamlaji Tollway.

"OBC has filed insolvency and bankruptcy application under section 7 of the IBC Code, 2016 against L&T Halol-Shamlaji Tollway Ltd for default in repayment of Rs 76.69 crore on December 27, 2018," the bank said in a release.

The Gurugram-headquartered lender said that it had disbursed Rs 155 crore in 2009 under a common loan agreement by a consortium of lenders and institutions which included Allahabad Bank (as lenders' representative and escrow

bank).