Supreme court orders MP Sujana chowdary to repay Rs. 100-crore to Mauritius Bank

Sujana Industries stood as a guarantor for `100-crore loan availed by the its subsidiary Heistia in Mauritius. As Heistia defaulted in repaying the loan, the Mauritius Commercial Bank filed a liquidation plea against Sujana Industries in the  Hyderabad High Court, which directed Sujana Industries to pay the loan amount by September 30. A single judge had in April 2015 allowed a company petition moved by the Mauritius Bank seeking liquidation of Sujana Industries.

Challenging the High court's order, MP Sujana chowdary approached the Supreme court. The Supreme court today ordered the MP to repay the 100-crore loan amount to the Mauritius Commercial Bank.

After a brief hearing from the counsel for Sujana Industries, a bench of Justices rejected the Petition filed by sujana Group of Industries .