February 13, 2022
ABG workplace ships News
ABG workplace ships: The Central Bureau of Investigation (CBI) has registered a case against ABG workplace restricted, its former Chairman and decision maker Rishi Kamlesh Agarwal et al within the biggest bank fraud case.
The alleged parties ar aforementioned to own defrauded depository financial institution of India (SBI), and twenty seven different banks and lenders to the tune of over Rs twenty two,842 crore. The CBI has conjointly registered a case against many others within the ABG workplace fraud case.
Rishi Agarwal ABG workplace ships
ABG workplace restricted is in hand by ABG cluster, a firm engaged within the business of construction and ship repair. The construction company relies in Mumbai. the corporate is being promoted by Rishi Aggarwal. The company’s shipyards ar settled at Dahej and Surat in Gujarat. ABG workplace has engineered over a hundred sixty five ships in sixteen years.
ABG workplace ships fraud case
The loan account of ABG workplace was initial declared as a Non-Performing plus (NPA) in July 2016.
ABG workplace, the flagship company of the ABG cluster, is engaged within the business of construction and repair. Promoted by man. Rishi Agarwal, it’s a significant player within the Indian industry. Its shipyards ar settled at Dahej and Surat in Gujarat. the corporate encompasses a construction capability of up to eighteen,000 dead weight duty at Surat workplace and up to one.20 100000 dead weight duty at Dahej Unit.
ABG shipyard tender
The company has engineered over a hundred sixty five ships as well as forty six ships for the export market within the last sixteen years. These enclosed specialised vessels like paper carriers, self-discharging and loading bulk cement carriers, floating cranes, attack aircraft boats, dynamic positioning diving support vessels, pusher tugs and flotillas for leading firms in India and abroad. The ships have received category approval from all international classification societies.
ABG workplace ships Owner
The FIR aforementioned that the worldwide crisis affected the shipping business thanks to fall in demand and costs of products and subsequent fall in load demand. Cancellation of contracts for a few ships resulted in pile of inventory. This resulted in a very shortage of capital and a major increase within the operational cycle, any combination the liquidity/financial downside.
There was no demand for industrial vessels because the business was looking a lag in 2015 similarly. additionally, no new defense orders were issued in 2015. company} was finding it troublesome to realize the envisaged milestones in corporate debt restructuring and, therefore, was unable to pay interest and installments on due dates.
CBI Books ABG workplace ships restricted
The company was referred by ICICI Bank to the National Company Law assembly (NCLT), Ahmedabad, for company financial condition resolution method. consequently, a resolution skilled was conjointly appointed. The skilled had earlier filed Associate in Nursing application before the NCLT alleging preferential/low worth transactions and fraud/wrongful commerce by the corporate, that was confirmed by the assembly in 2019, as alleged.
