Saturday, September 30, 2023

Bank of Baroda Takes Over Property over Unpaid Loan

BoB SSI Branch Seizes Property in Adityapur Industrial Area; Rs 2.4 Crore Outstanding

Bank of Baroda’s SSI branch at Sakchi takes possession of Indica Composite Pvt Ltd’s property in Adityapur Industrial Area due to non-repayment of over Rs 2.4 Crore loan; action under SARFAESI Act, 2002.

JAMSHEDPUR – Bank of Baroda (BoB) SSI branch at Sakchi took physical possession of Indica Composite Pvt Ltd’s property in Adityapur Industrial Area.

The drastic action was taken under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002.

The property was taken over by the bank due to non-repayment of a substantial loan amount.

BoB officials stated that the borrower, Indica Composite Pvt Ltd, was given ample time to repay the outstanding loan amount but failed to comply.

The action was carried out meticulously by the BoB SSI unit, Sakchi Branch team, along with a recovery officer, police force, and bank officials.

Bank officials said that the total outstanding amount of over Rs 2.4 Crore plus other charges payable to the bank and non-payment for a long time led to this stern measure.


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