SBI takes over the possession of the mortgaged property on loan defaulter

The Administrative Office of State Bank of India (SBI), the country’s largest lender located in Civil Lines, Ludhiana has taken over the possession of the property mortgaged in account of Sandali Darwaja Resorts and Restaurants Pvt Ltd. (erstwhile NIF Pipes) having its office at 853, Industrial Area -A, Ludhiana) through Bhagat Singh residing at 510-R, Model Town, Ludhiana.

SBI had given loan against the property which was mortgaged with it through Bhagat Singh. But the borrower defaulted in the repayment of loan amount which amounted to Rs 1,41,32,073 as on November 30, 2009.

The bank before taking this extreme step served 60-day notice to the borrower but the party did not came forward. Bank carried out the process with the assistance of GATS Financial Reconstructions Limited. GATS Financial Reconstructors Limited while revealing this in press release said, “The party had availed of certain credit facilities from the bank and had defaulted in the repayment of the bank dues to the tune of Rs 1,41,32,073 as on November 30, 2009.

The bank had served a 60-day notice to the borrower but the party never came forward. Hence the bank took the possession of the property mortgaged in the aforesaid account.”