AHMEDABAD: On Tuesday, the Ahmedabad district collector confiscated houses worth Rs three,770 crore in one day. These immovable property belong to corporates homes and individuals who had defaulted on financial institution loans for sessions ranging between 2 years and 15 years. The banks will take possession of these houses which will be auctioned after after worth evaluation.
District collector Vikrant Pandey said this was the probably the most greatest houses attached in the state and the country in one day.
The district collector below the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, heard some 400 circumstances of debtors on Tuesday. They had mortgaged houses worth Rs 4,700 crore. Of those, in 176 circumstances, the collector ordered confiscation of houses.
The primary corporates entities whose houses have been confiscated come with Ms Rotomac Global Ltd, M/s Kandla Energy and Chemicals Ltd, M/s Max Signus Industries Pvt Ltd, M/s Greenland Infracon Pvt Ltd and M/s Himalaya Darshan Co-operative Housing Society Ltd.
These entities have together defaulted on repayments of Rs 2,456.16 crore. These names have been released by district collector workplace.
He said, “Sarfaesi Act gives the district magistrate energy to first grab houses of loan defaulters at the request of banks, so an auction of these houses (residential and business) will also be carried out,” says Pandey. In these kind of circumstances, debtors did not repay their loans. “Such procedures help banks scale back their non-performing property (NPAs) and helps in their recovery or reconstruction,” says Pandey.
A senior respectable at the collectorate informed TOI, “If a borrower, defaults for 6 months at stretch, banks give them a two-month length to start repaying. On failure to take action, banks declare the loan an NPA and ask the collector to confiscate the houses below the Sarfaesi Act and auction it to get well the dues,” says the respectable.
Ahmedabad: On Tuesday, the Ahmedabad district collector attached houses worth Rs three,770 crore in one day. These immovable property belong to corporates homes and individuals who defaulted on financial institution loans for sessions ranging between three years and 15 years. These houses will now be auctioned off after their worth is properly assessed.
The district collector below powers vested by segment 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, heard some 400 circumstances of debtors on Tuesday. They had mortgaged houses worth Rs 4,700 crore. Of those, in 176 circumstances, the collector ordered attachment of houses.
The primary corporates entities whose houses have been confiscated come with Ms Rotomac Global Ltd, M/s Kandla Energy and Chemicals Ltd, M/s Max Signus Industries Pvt Ltd, M/s Greenland Infracon Pvt Ltd and M/s Himalaya Darshan Co-operative Housing Society Ltd. These entities have together defaulted on repayments of Rs 2,456.16 crore. These names have been released by district collector Vikrant Pandey on Tuesday.
Pandey said, “Sarfaesi Act gives the district magistrate energy to first connect houses of loan defaulters at the request of banks, so an auction of these houses (residential and business) will also be carried out,” says Pandey. In these kind of circumstances, debtors did not repay their loans. “Such procedures help banks scale back their non-performing property (NPAs) and helps in their recovery or reconstruction,” says Pandey.
A senior respectable at the collectorate informed TOI, “If a borrower, defaults for 6 months at stretch, banks give them a two-month length to start repaying. On failure to take action, banks declare the loan an NPA and ask the collector to confiscate the houses below the Sarfaesi Act and auction it to get well the dues,” says the respectable.
District collector Vikrant Pandey said this was the probably the most greatest houses attached in the state and the country in one day.
The district collector below the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, heard some 400 circumstances of debtors on Tuesday. They had mortgaged houses worth Rs 4,700 crore. Of those, in 176 circumstances, the collector ordered confiscation of houses.
The primary corporates entities whose houses have been confiscated come with Ms Rotomac Global Ltd, M/s Kandla Energy and Chemicals Ltd, M/s Max Signus Industries Pvt Ltd, M/s Greenland Infracon Pvt Ltd and M/s Himalaya Darshan Co-operative Housing Society Ltd.
These entities have together defaulted on repayments of Rs 2,456.16 crore. These names have been released by district collector workplace.
He said, “Sarfaesi Act gives the district magistrate energy to first grab houses of loan defaulters at the request of banks, so an auction of these houses (residential and business) will also be carried out,” says Pandey. In these kind of circumstances, debtors did not repay their loans. “Such procedures help banks scale back their non-performing property (NPAs) and helps in their recovery or reconstruction,” says Pandey.
A senior respectable at the collectorate informed TOI, “If a borrower, defaults for 6 months at stretch, banks give them a two-month length to start repaying. On failure to take action, banks declare the loan an NPA and ask the collector to confiscate the houses below the Sarfaesi Act and auction it to get well the dues,” says the respectable.
Ahmedabad: On Tuesday, the Ahmedabad district collector attached houses worth Rs three,770 crore in one day. These immovable property belong to corporates homes and individuals who defaulted on financial institution loans for sessions ranging between three years and 15 years. These houses will now be auctioned off after their worth is properly assessed.
The district collector below powers vested by segment 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, heard some 400 circumstances of debtors on Tuesday. They had mortgaged houses worth Rs 4,700 crore. Of those, in 176 circumstances, the collector ordered attachment of houses.
The primary corporates entities whose houses have been confiscated come with Ms Rotomac Global Ltd, M/s Kandla Energy and Chemicals Ltd, M/s Max Signus Industries Pvt Ltd, M/s Greenland Infracon Pvt Ltd and M/s Himalaya Darshan Co-operative Housing Society Ltd. These entities have together defaulted on repayments of Rs 2,456.16 crore. These names have been released by district collector Vikrant Pandey on Tuesday.
Pandey said, “Sarfaesi Act gives the district magistrate energy to first connect houses of loan defaulters at the request of banks, so an auction of these houses (residential and business) will also be carried out,” says Pandey. In these kind of circumstances, debtors did not repay their loans. “Such procedures help banks scale back their non-performing property (NPAs) and helps in their recovery or reconstruction,” says Pandey.
A senior respectable at the collectorate informed TOI, “If a borrower, defaults for 6 months at stretch, banks give them a two-month length to start repaying. On failure to take action, banks declare the loan an NPA and ask the collector to confiscate the houses below the Sarfaesi Act and auction it to get well the dues,” says the respectable.
Collector repossesses properties worth Rs 3k cr
![Collector repossesses properties worth Rs 3k cr]()
Reviewed by Kailash
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June 13, 2018
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