Canara Bank to appeal against BIFR order on ABCL

MUMBAI, JULY 11: Canara Bank would appeal before the Appellate Authority of Industrial and Financial Reconstruction (AAIFR) against the July 9 order of Board for Industrial and Financial Reconstruction (BIFR) which declared Amitabh Bachchan Corporation Ltd (ABCL) as a sick company.

ABCL, promoted by mega star Amitabh Bachchan, had earlier moved BIFR for being declared as a sick company on the ground that its net worth of Rs 60.52 crore was totally eroded in view of accumulated losses amounting to Rs 68.51 crore.

Canara Bank, which had advanced to ABCL Rs 10 crore, would file an appeal within a month before AAIFR under Section 25 of Sick Industrial Companies (Special Provisions) Act, 1985, its counsel Nishit Dhruve, said here today. Canara Bank would simultaneously urge Mumbai High Court for attachment of palatial bungalow of the mega star located in Juhu whose cost is estimated at Rs 10 crore.