Banks file suits

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Thursday, May 27, 1999

Banks file suits

MUMBAI: At least four banks have filed suits against Nova Udyog for recovery of Rs 42.77 crore from the company. The company, which had made huge losses, has defaulted on its loan commitments. SBI's Lucknow branch has filed a suit to recover Rs 11.68 crore, Punjab National Bank Rs 8.86 crore, IFCI for Rs 15.84 crore and State Bank of Travncore Rs 6.39 crore.

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