Rajesh Exports repays ₹510 crore dues to Canara Bank after DRT order

Mumbai: has recovered all its dues totalling ₹510 crore from debt laden following an order by a debt recovery tribunal (DRT), which asked the company to deposit the money to prevent its properties being sold.

The bank had initiated the DRT action after the company had blocked attempts for recovery through the bankruptcy code.

“This account had turned non-performing in 2020 and was admitted to the DRT in 2021. The bank had also filed a case in the in the NCLT and had parallelly started SARFAESI action for recovery,” said a person aware of the details. “However, the company had got a stay on all recovery actions from the except the DRT case which was decided in the bank’s favour a few days ago after almost six years.”

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Canara was the largest creditor for the Bengaluru-based gold and jewellery exporter which is under scanner after the stock market regulator (SEBI) in June alleging large-scale financial misrepresentation, non-cooperation with investigators and possible inflation of the company’s reported revenues.