The Punjab and Haryana High Court earlier directed Punjab Meats Ltd (PML), owned by AS Bindra, to pay the dues.
"PML had earlier failed to pay this amount, following which it was declared a sick industrial unit. At that time in Jun 2006, it was offered to make a one-time settlement payment of Rs 13.25 crore against an actual amount of Rs 40.90 crore to us," a lawyer of Asset Reconstruction said.
"However, they did not make any payment and kept on delaying the matter. In the court, PML also placed wrong documents and said that the due amount was only Rs 32.25 crore and not Rs 40.90 crore," he said.
However, a division bench of the high court headed by Chief Justice Mukul Mudgal Friday asked PML to pay Rs 27.25 crore to Asset Reconstruction.
Earlier in May 2009, Bindra was arrested on charges of fraud by a Delhi Police team from his sprawling farmhouse in Zirakpur town in Punjab, around 15 km from here. However, he was hospitalised soon after with chest pain.
He was arrested on charges of defrauding a private finance company and a private bank of over Rs 9 crore in 2006 and 2007. He took loans for PML and was accused of having sold the land that was mortgaged to the bank against the loan amount.