Mumbai: Canara Bank has recovered all its dues totalling ₹510 crore from debt laden Rajesh Exports 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 insolvency code 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 Karnataka High Court except the DRT case which was decided in the bank's favour a few days ago after almost six years."Read more: Rajesh Exports under ED lens after probe finds missing records and Rs 3,000 crore opaque transactionsCanara was the largest creditor for the Bengaluru-based gold and jewellery exporter which is under scanner after the stock market regulator Securities and Exchange Board of India (SEBI) in June alleging large-scale financial misrepresentation, non-cooperation with investigators and possible inflation of the company's reported revenues.
Rajesh Exports repays ₹510 crore dues to Canara Bank after DRT order
Canara Bank recovered all dues totaling ₹510 crore from Rajesh Exports. This recovery followed an order by a debt recovery tribunal. The bank initiated this action after the company blocked other recovery attempts. Rajesh Exports faced allegations of financial misrepresentation from SEBI. The bank was the largest creditor for the gold and jewellery exporter.







