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A Wadia Group company based in Mauritius obtained loans amounting to $300 million from Deutsche Bank during the 2021 and 2022 financial years by creating a charge on the bank account of the London-based parent company of Britannia Industries. Additionally, the company created fixed deposits of $190 million, which were used to secure financing for Go First from the German lender. The information was obtained from security filings in the UK, India, and Mauritius, which were made by Leila Lands Limited (LLL), the Wadia Group company based in Mauritius, and Associated Biscuits International Limited (ABIL), the London-based company that owns a 44.76% stake in the listed Britannia Industries. Leila Lands clarified that the loan from Deutsche Bank had no connection to the group's shareholding in Britannia Industries. It further explained that the fixed deposits were created from its accumulated retained cash earnings. The spokesperson for Leila Lands mentioned that the LLL Group had made significant equity investments in Go Air (India) [GoAir] as promoters over the years. LLL provided security to Deutsche Bank by way of a fixed deposit of $191 million, which was out of its own accumulated retained cash earnings, to advance financial assistance to GoAir. According to the filings, Leila Lands took on the loans from Deutsche Bank during the 2021 and 2022 financial years. Deutsche Bank's total exposure to Wadia Group is difficult to estimate because finance facilities have been provided to more than one group company and in different jurisdictions. The major lenders to a company determine the dynamics of an insolvency proceeding. Deutsche Bank's exposure could influence its say in the insolvency proceedings once a committee of creditors is formed. Go First received a financial facility of Rs 1,320 crore from Deutsche Bank India. The airline denied any knowledge of the fixed deposits created by Leila Lands but acknowledged that it received financial assistance from Deutsche Bank. Three other Indian public sector banks, namely Central Bank of India, Bank of Baroda, and IDBI Bank, are collectively owed around Rs 3,400 crore by the airline. The National Company Law Tribunal admitted Go First for insolvency after the company voluntarily approached the adjudicating authority with a plea that it is unable to meet its financial obligations to creditors. Go First had defaulted on payments of Rs 2,600 crore to aircraft lessors and payments of Rs 1,200 crore to vendors. The airline filed for insolvency because several of its aircraft remained grounded due to defective engines supplied by Pratt and Whitney. The airline is in litigation with the engine manufacturer in the US. Aircraft lessors led by SMBC Capital are opposing Go First's admission into insolvency proceedings as this would result in a moratorium on all assets of the company, including aircraft, and prevent the lessors from repossessing planes. Also Read Central advisory council: real estate stalled project issue Indore civic body identifies housing projects delayed