SJIBL sues Regent Textile to recover Tk140cr loan

Business Desk :
Shahjalal Islami Bank Limited (SJIBL) has recently filed a case against the publicly listed Regent Textile Mills Limited to recover Tk139.5 crore it had lent to the textile miller.

The bank’s Chattogram branch filed the case under the Money Loan Court Act, 2003.

Back in 2017, Regent Textile borrowed Tk80 crore at a 9% interest rate for 11 years, with a two-year moratorium.

The company took the loan to build a new textile unit. But owing to a slump in its business, the company failed to pay instalments.

Seeking anonymity, a Shahjalal Islami Bank official said, “Regent Textile has not been paying the loan instalment for a long time.