3.1 It is not as if FIL alone enjoyed credit facilities from Respondent Bank. Globiz Exim Pvt and Olympic Oil and Industries Limited, group companies of FIL, were also involved; they availed credit facilities, and defaulted leading to their accounts being declared as NPAs. In these group companies, the Petitioner serves as an independent director and is also a shareholder. The Bank has filed recovery applications before the Debts Recovery Tribunal, Allahabad, seeking over INR 1000 crore, with the total debt owed by the Petitioner and its allies exceeding INR 4000 crore. The Respondent Bank has also initiated recovery proceedings under the SARFAESI Act, 2002, against the companies, individual guarantors, and corporate guarantors. Notably, both entities where the Petitioner serves as a director have provided corporate guarantees for FIL’s loan account. Apart from Respondent Bank, the aforesaid companies also availed various credit facilities from other 14 banks under the consortium financing. The Bank of India has also initiated proceedings against the afore noted entities before Debts Recovery Tribunal, Allahabad and National Company Law Tribunal. The total outstanding dues owed by the companies to all consortium member banks exceed INR 4,000 crore, which has been fraudulently misappropriated and diverted by the companies’ directors, as revealed by the forensic audit
