Mumbai, Nov. 29 :
Mumbai, Nov. 29:
Prateeksha lock kiya jaye? Not after Crorepati.
The Juhu seafront bungalow, considered Mumbai's Xanadu, will remain Amitabh Bachchan's after Canara Bank today withdrew a Rs 10-crore debt-default case against the actor.
For the Big B, fortunes swung for the better on the evening of July 3, 9 pm to be precise, when he disarmed wannabe crorepatis with his punch-line that was soon to become the mantra for millions across the country looking for fast and mega bucks.
Until then, it had been down and further down for Bollywood's most successful star ever, who was even described as an industry by himself.
First, his films started bombing. Then his maiden venture in the corporate world failed and he had his neck deep in mounting debts.
But what comes down, must go up. And on that magical night of July 3, Dame Luck again rested her eyes on the Big B.
Over the past four months, he has been slowly but steadily turning around the ailing AB Corp. (formerly Amitabh Bachchan Corporation Limited), paying off his dues, bit by bit.
Canara Bank's announcement today is a major victory for the superstar.
A lawyer for the bank said it withdrew the lawsuit last week after the actor repaid the loan in three instalments following an out-of-court settlement. The loan was actually squared up in September when Bachchan paid the last of the instalments.
Canara Bank had taken the Big B to court in February 1999 after failing to recover the loan given to ABCL in 1996. The bank subsequently sought to attach his property, including Prateeksha, which, Bachchan said, was already mortgaged to the Sahara India group for a Rs 15-crore loan.
The bank had also challenged the Board for Industrial and Financial Reconstruction's decision to declare ABCL a sick entity, saying the star was trying to wriggle his company out of its legal obligations.
The entertainment company was referred to BIFR with an accumulated loss of Rs 70.82 crore on a net worth of Rs 60.52 crore.
The lawyer said today that the bank had dropped all charges against the company because it had got its money back.
Last month, Bachchan's company paid over Rs 3 crore it owed to the income-tax department and squared up with some creditors as well.
Samajwadi Party leader Amar Singh, the superstar's politician-friend who is on the board of his company, said last month that AB Corp. was paying off all loans and would emerge 'debt free' by the end of this fiscal.