[FINANCIAL NEWS] A consortium of lenders led by Union Bank of India (UBI) sought bids to replace the concessionaire for the four-lane road project in Maharashtra. The current concessionaire is Supreme Manor Wada Bhiwandi Infrastructure, which has defaulted on loans worth Rs 164 crore to UBI. According to a National Company Law Tribunal (NCLT) order dated August 11, Supreme Manor was given a joint lenders’ forum (JLF) restructuring package. Moreover, the financial position continued to deteriorate and there were irregularities found in the payment mechanism in respect of the recast package.
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