Citibank, which was acting as Revlon’s loan agent, was to transfer about USD 8 million in interest payments to the company’s lenders. However, in August 2020, the Citibank had, mistakenly paid back the USD 900 million principal to the members of the lending consortium, rather than interest payments. Citi realized the error and demanded refund of the amount but only some of the lenders returned.Citibank, which was acting as Revlon’s loan agent, was to transfer about USD 8 million in interest payments to the company’s lenders. However, in August 2020, the Citibank had, mistakenly paid back the USD 900 million principal to the members of the lending consortium, rather than interest payments. Citi realized the error and demanded refund of the amount but only some of the lenders returned.taxmann.com Latest ArticlesRead More
