Latest news with #AbhijeetGroup
Time of India
9 hours ago
- Business
- Time of India
Bank declares Jayaswal, son as wilful defaulters
Nagpur: Abhijeet Group chief Manoj Jayaswal, whose loans run up to Rs12,500 crore, has been declared a wilful defaulter by Bank of India (BoI). BoI's asset recovery branch at Ranchi, Jharkhand, issued a notice declaring both Jayaswal and his son Abhishek as wilful defaulters for a Rs 164 crore loan granted to Abhijeet Infrastructure Limited — one of the 75 companies in which the duo were directors. Jayaswal is now understood to have relocated to Visakhapatnam in Andhra Pradesh, running a ferro manganese business. Sources say he has wound up from Nagpur entirely. Jayaswal's Abhijeet Group was granted over Rs22,000 crore loans by a consortium of banks of which Rs12,500 crore was disbursed, said a source in one of the lending banks. The group was also one of the biggest beneficiaries of the controversial coal allocation scheme of the UPA regime. A bank has to follow an elaborate procedure for giving the borrower such a tag. According to RBI guidelines, it can happen when the repayment was not done even when the borrower had the capacity to repay. It can also be done if funds are diverted, and the money cannot be traced in the form of other assets. A quick search on BoI records available in the public domain shows Jayaswal was declared a wilful defaulter for two other loans in the recent past. It was for combined Rs600 crore loans granted to Abhijeet Integrated Steel Limited and Corporate Ispat Limited. Jayaswal, was the second businessman after Gautam Adani to buy a private jet, floated a series of companies. The jet has now been grounded after the company could not pay for the maintenance required to meet the DGCA norms. In Jharkhand, where the BoI branch declared him a wilful defaulter, Abhijeet Group had plans to build a power plant. It was also allocated coal blocks in the state on the basis of which it planned to enter the power sector in the state. It set up a power plant even in Nagpur for exclusively supplying electricity to the Mihan-SEZ, but the plans did not work out, ending in a dispute between Abhijeet Group and the state govt.
Time of India
09-05-2025
- Business
- Time of India
IDBI Bank may again try to auction Jayaswal's jet
Nagpur: IDBI Bank is expected to make another attempt to sell off Manoj Jayaswal's jet — grounded at Nagpur airport since 2018 — to recover its dues. A valuer from the court receiver, along with a team of valuers, is expected to reach Nagpur to inspect the plane on Saturday. This is the first step before proceeding with bids again, said who headed the Abhijeet Group, was in the news for failed bank loans. A decade ago, the Rs 12,000 crore loan default was comparable to that owed by Nirav Modi or Vijay Mallya. Jayaswal, who bought a Rs 130 crore 10-seater Bombardier in 2011-12, was the second to buy a private jet of this make after Gautam Adani. IDBI Bank funded the aircraft purchase, which was made in the name of Abhijeet Projects Limited, later renamed Pathbreaking Project. The bank went to the Debt Recovery Tribunal (DRT) and secured an order to sell off the plane, said sources involved in the the company also defaulted on paying parking charges to the airport. The dues to date have come to over Rs 6.5 crore. Nagpur airport operator Mihan India Limited (MIL) has stopped accounting for the amount as receivable. However, it has also put a condition that it would not hand over possession of the aircraft to the buyer unless its dues are cleared. The plane, which was earlier obstructing the operational area of the airport, has been towed away to one side, said an airport bank made earlier attempts to sell off the plane but failed even after lowering the bids. The last notice was issued in 2022 with a reserve price of Rs 45 crore. The plane cost around Rs 130 crore, and IDBI Bank has an exposure of Rs 90 crore in the deal. Now, as the valuers are coming down for an inspection, a fresh round of auction is expected, said plane was grounded as the company did not carry out the mandatory maintenance to keep it flyworthy. The plane remained at the airport, and eventually, the parking dues were adjusted against the security deposit it furnished, which soon exhausted.
