Ind Bank Housing takes Possession of City Property for the First Time

Ind Bank Housing Ltd has announced that M/s Srishti Estates and Investments P Ltd availed a project loan for developing a project of constructing flats at Chennai (Near Guindy Race Course) from the Bank, a subsidiary of Indian Bank. The land owners Mr M Jagan Mohan Rao and Mr M Jayaram mortgaged the land for the above loan. Both the promoters M/s Srishti Estates and Investments P Ltd and the Mortgagers failed to repay the loan. The present balance is above Rs 150 million. The Bank was notified as a financial institute under SARFAESI Act 2002 during March 2006. As the loan was not repaid, the Bank issued Demand Notice under the above Act giving 60 days time for full settlement of the loan for which also there was no response.

Hence, on the direction of the Managing Director of the Bank, Mr S Annadurai the Authorised Officer, Mr S Selvaraj along with senior officials, Mr R Gopalan, Mr K S Elango, Mr N Ganapathy Subramanian and other staff members plunged into action under the SARFAESI Act by taking possession of 13 Flats measuring around 18,000 sq ft belongs to Mr M Jagan Mohan Rao and Mr M Jayaram, being the mortgagers, in Race Course Srishti" at Chennai, on July 20, 2006. The Bank is now under the process of making arrangements for auctioning the above properties as per the powers conferred under the SARFAESI Act. The Bank is also making further arrangements for taking possession of other eligible flats in the building under the this Act as there is huge arrears of loan to recover.

Source : Equity Bulls

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