Bank of Baroda files insolvency application against Kesar Terminals & Infrastructure Ltd and subsidiary

Bank of Baroda, erstwhile Dena Bank, has filed application to Initiate Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal, Mumbai against the Company specifying the amount of default of Rs. 88,10,11,929.62 (Rupees Eighty Eight Crores Ten lakhs Eleven Thousand Nine Hundred Twenty-Nine and paise Sixty two only) as on 31 st October, 2020. The Company had given Bank Guarantee & Corporate Guarantee against the loan provided by Bank of Baroda in consortium with other two Banks in favour of Kesar Multimodal Logistics Ltd (KMLL) wholly owned subsidiary of the Company.

The Bank of Baroda has also filed application to Initiate Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal, Mumbai against the wholly owned subsidiary - KMLL for the default of the above mentioned amount of Rs. 88,10,11,929.62 (Rupees Eighty Eight Crores Ten lakhs Eleven Thousand Nine hundred Twenty-Nine and paise Sixty two only) as on 31st October, 2020.

Shares of KESAR TERMINALS & INFRASTRUCTURE LTD. was last trading in BSE at Rs.31.8 as compared to the previous close of Rs. 30.95. The total number of shares traded during the day was 856 in over 24 trades.

The stock hit an intraday high of Rs. 33.45 and intraday low of 31. The net turnover during the day was Rs. 27428.

Source : Equity Bulls

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