LIC Housing seizes properties for payment default
Bangalore: LIC Housing Finance Ltd has seized two properties in Bangalore under the Securitisation and Reconstruction of Financial Assets Enforcement Security Interest Act, 2002 for default of payment by the project builders.

The two builders, Varna Builders and Bawker Construction Company Ltd, had availed themselves of a project loan in 1993-94 and defaulted on repayments.

The is for the first time such a action has been initiated by the LIC. According to the LIC, while Varna Builders had an outstanding of Rs 3.5 crore, Bawker owed Rs 85 lakh.
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