Financial Daily from THE HINDU group of publications
Friday, Feb 07, 2003
Financial Daily from THE HINDU group of publications Friday, Feb 07, 2003 |
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Money & Banking
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Financial Institutions Exim Bank may recover dues from Daewoo Our Bureau
MUMBAI, Feb. 6 THE Delhi Debt Recovery Tribunal has passed a judgement in favour of Exim Bank of India, allowing it to recover a sum of Rs 146.66 crore from Daewoo Motors India Ltd, bank officials said. According to them, Exim Bank had filed a case against the company based on Daewoo Motors' admission in its balance sheet that it owed the bank a sum of Rs 148 crore. While the order is awaited, usually the repayment period is one month, failing which the creditor is given a recovery certificate. ICICI has already moved the debt recovery appellate tribunal here, in connection with borrowings of Rs 1200-1300 crore that the automobile manufacturer owes various creditors. A ruling on that is expected shortly.
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