Amitabh says `Mansa’ is not his

Earlier, the bank had sought to attach `Pratiksha’, another bungalow at Juhu where the actor and his family currently reside, to recover Rs 10 crore but the company declared itself as sick and managed to dodge repayment of its debts. Instead, A B Corp has sought seven more years to repay its Rs 25 crore liabilities to a string of creditors.

In a revival proposal submitted to the IDBI, A B Corp said it would pay the liabilities in six annual instalments starting from the second year. It said it proposed to raise reveues by increasing production volumes of its audio and video cassette business. The IDBI will take a decision after seeking the views of major lenders — Canara Bank and Allahabad Bank. The BIFR will take a decision on the comapny’s fate based on the IDBI’s report.

Canara Bank, on February 25, filed a case in the Bombay High Court seeking recovery of Rs 14 crore it had lent A B Corp in 1996. In March, the court appointed a receiver in respect of hypothecated goods, book debts and immovable properties mortgaged in favour of Canara Bank. It also restrained A B Corp guarantors, Amitabh and Jaya Bachchan, from creating any third person rights in respect of their Juhu bungalow. But A B Corp said the bungalow had already been mortgaged to Sahara India for a loan of Rs 15 crore. The suit was transferred from the high court to the tribunal, which was set up in July.