MCA to probe Ludhiana's SEL Manufacturing over Rs 4,000-cr loan default

Officials have prepared SEL Manufacturing's assets list that includes a jet and a school

The Ministry of Corporate Affairs (MCA) will probe the Ludhiana-based stressed company SEL Manufacturing for defaulting on bank loans to the tune of over Rs 4,000 crore,  a senior official said.

SEL Manufacturing, with a debt of around Rs 4,275 crore, was the first on the Reserve Bank of India’s (RBI’s) second list of defaulter companies to go into the insolvency and bankruptcy resolution process.  

An initial inquiry into the company by the regional director office, northern region, has already been carried out. “Based on the initial findings, we have recommended an inspection to see if there was any wrongdoing,” the senior