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Home » Fitness » Fitness brand Talwalkars dragged to bankruptcy court by Axis Bank over unpaid dues – Economic Times

Old time gymnasiums operator Talwalkars has been dragged to the bankruptcy court by Axis Bank over unpaid dues, according to people aware of the matter.

The claim was filed by Axis Bank at the national company law tribunals (NCLT) Mumbai bench against Talwalkars Healthclubs, court filings reveal.

An Axis Bank-led group has granted loans of Rs. 500 crore to the company. Axis Banks own exposure to the company is estimated at Rs. 120 crore. Its petition is pending hearing at NCLT.

Axis Bank and Talwalkars were yet to respond to ETs queries.

Talwalkars Healthclubs is a publicly traded company that was created by spinning off the gymnasiums business two years ago. Talwalkars also operates a wellness business which is housed in Talwalkars Better Value Fitness.

The fitness company that was established in the 1930s went on an expansion spree at the turn of the century. It opened fitness clubs across cities, entered into joint ventures involving high profile celebrities and even pursued international expansion through an acquisition in Sri Lanka.

Talwalkars group companies revealed in a stock exchange filing in October last year that they were in default of certain payment obligations to lenders.

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Fitness brand Talwalkars dragged to bankruptcy court by Axis Bank over unpaid dues - Economic Times

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Home » Fitness » Fitness brand Talwalkars dragged to bankruptcy court by Axis Bank over unpaid dues – Economic Times