Indian Bank seizes assets for recovery of dues from two firms
By Our Banking Bureau | 14 Dec 2002
Chennai: Indian Bank on Friday took possession of a large number of vacant plots in two Chennai suburbs for the recovery of dues from two companies under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Second) Ordinance 2002. The bank said it took over plots belonging to JK Midas Estates near Porur and of Jay Housing Promoters (India) Pvt Ltd at Mugalivakkam. The two companies had borrowed money from the bank and owed Rs 21.18 crore with interest from 30 June 2002.
The bank had issued notices to the two companies asking them to adjust the dues immediately. As the dues had not been adjusted, the bank took possession of the mortgaged vacant plots.
Indian Bank has issued notices under the Ordinance to about 200 borrowers in Chennai and more than 600 borrowers in the country.