VP Baligar told newspersons while answering queries on Hudcos non-performing assets.
"We have filed several cases against Ascot over the last two years under Sarfaesi, criminal complaints under Section 138 of the Negotiable Instruments Act for cheques bounce and have also filed a case in DRT (Debts Recovery Tribunal) against the company two to three months back," Baligar said.
While Bakshi's spokesperson declined comment as the matter is sub-judice, sources close to him said that the total loan amount was Rs 80 crore and Hudco released around Rs 60 crore towards the project to which it could not be completed. The project could not be completed as Hudco never released the full loan amount and the matter is under dispute. It's an old case, sources close to Bakshi said.