Indian
Bank seizes assets for recovery of dues from two firms
Our
Banking Bureau
14 December 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.
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