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 Rs 6,000 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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