AB Apparels faces loan recovery push as Mutual Trust Bank issues notice over Tk226.75 crore cheque

Highlights

Mutual Trust Bank sent a legal notice to Ananta Jalil and Khadija Parvin demanding repayment of Tk226.75 crore after a dishonoured cheque linked to AB Apparels' Tk267.21 crore loan.
The term loan was rescheduled on 28 August 2024, but the group failed to make the down payment and faces 30-day repayment pressure, with further legal threats under the Negotiable Instruments Act, 1881.
Operational strain has intensified as AJI Group's gas supply was cut by Titas Gas over unpaid bills and theft allegations, prompting further business disruption and failed attempts to secure new investment or tenants.

Loan recovery effort under exit policy

The Business Standard reports that Mutual Trust Bank has sent a legal notice to Ananta Jalil and his first wife, Khadija Parvin, seeking repayment of Tk226.75 crore tied to a Tk267.21 crore term loan taken by AB Apparels Ltd.

A senior bank official said the loan became classified after the company failed to meet repayment obligations. Ananta later sought rescheduling, but he could not pay the required down payment, and a cheque issued for the payment was dishonoured for insufficient funds.

According to the notice, the bank rescheduled the AB Apparels term loan on 28 August 2024. On 18 October 2026, Ananta, as chairman of the company, issued a cheque for Tk226.75 crore as a partial repayment, but it was dishonoured in November. The notice gives Ananta and Khadija 30 days to repay the amount and warns of possible action under sections 138 and 140 of the Negotiable Instruments Act, 1881.

The bank official said Mutual Trust Bank has not yet filed a case with the Artha Rin Adalat and is instead trying to recover the full amount under Bangladesh Bank's exit policy. The bank also remains in regular contact with Ananta while he looks for local and foreign investors.

Operational strain deepens across AJI Group

Ananta confirmed receiving the legal notice and said he borrowed nearly Tk200 crore during the Covid-19 pandemic to pay workers' salaries and benefits despite weak business conditions. He said accumulated interest has since pushed total liabilities much higher and that he needs the bank's cooperation to recover from the crisis.

The pressure on the group has widened beyond banking obligations. Titas Gas has disconnected gas supplies to AJI Group over unpaid bills and allegations of gas theft, adding to the business disruption and factory closures.

Ananta built AJI Group through garments before expanding into other industrial ventures. People close to him said he has tried to keep the businesses running by seeking investors and partners from Bangladesh and abroad, including holding talks with Chinese entrepreneurs, but none produced an acceptable offer. He also tried to rent out factories without securing tenants.

Asked whether his involvement in films contributed to the business crisis, Ananta does not give a direct answer. He instead links the company's difficulties to a combination of adverse factors, including the Covid-19 pandemic and the Russia-Ukraine war.

Earlier, we outlined how geopolitical tensions can raise sovereign borrowing risks as funding costs stay elevated, particularly in emerging markets.

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