Mumbai: IDBI Bank has written to the Registrar of Companies (RoC) alleging that New Tirupur Area Development Corporation (NTADCL), which underwent debt restructuring in 2011, has flouted an agreement regarding inclusion of the lender’s nominee directors in its board meetings till dues are settled.NTADCL had faced financial challenges that led to the restructuring of debt totalling ₹575.34 crore in 2011. As part of the corporate debt restructuring (CDR) exercise, IDBI Bank and some other lenders converted senior debt into equity, with IDBI Bank holding ₹6.11 crore in equity shares.A master restructuring agreement (MRA) was signed that allowed lenders, including IDBI Bank, to have…
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