Garment manufacturer AnonTex Group is going to get an opportunity to repay state-run Janata Bank's loans by selling its mortgaged properties.

AnonTex currently owes Tk 4,960 crore to Janata Bank and the total debt of the garment maker's 18 institutions to the bank stands at Tk 8,178 crore, according to bank documents.

The bank wants to collect Tk 4,960 crore of the loan's principal amount from the group, which has 385 bighas of land in Ashulia and Tongi mortgaged to the bank.

AnonTex wants to sell the land to repay the bank's debt.

However, the money, which will be collected by selling the land, will be deposited directly to AnonTex's accounts with Janata Bank.

The board of directors of Janata Bank has taken this decision, according to a source at the bank.

According to Janata Bank sources, in 2004, AnonTex Group's Juvenile Sweater received its first loan from the Shantinagar branch of Janata Bank.

Later in 2008, the loan was transferred to Janata Bank's corporate branch as the Shantinagar branch did not have the capacity to lend more.

The group continued to take loans by opening various new institutions since 2010. Finally, the total debt of its 18 companies stood at Tk 8,178 crore. Later, the group did not repay that amount.

Janata Bank decided to waive interest of Tk 3,359 crore on the condition of a one-time loan payment as the customer failed to repay the loan and defaulted.

It also stipulated that a payment was to be made of Tk 4,819 crore of the principal amount, which has now increased to Tk 4,960 crore.

The board of directors of the bank on February 20 this year decided to maintain the interest waiver, set the recoverable liability at Tk 4,960 crore and gave the group till 2025 to repay the loan.

The bank also asked AnonTex to deposit Tk 30 crore by March 30 to get the opportunity. But the group is yet to deposit that amount. Instead, it requested the bank for an extension again.

This corresponded called Janata Bank Managing Director Md Abdul Jabbar over the phone for comments, but he did not take the calls by the time this report was filed.