Published On : Thu, Dec 17th, 2015

Allahabad Bank, Nagpur Zone sold property under SARFAESI

alahadbadbankNagpur: In pursuance of action under SARFEASI ACT,2002 Allahabad Bank, Nagpur Zone sold the property belonging to Shri. Vivek S Hood Prop of M/s Ramanuj Associates, NPA account of Bank’s Manish Nagar branch situated at Om Nagar, Sakkardara for Rs.88.10 lacs on 15.12.2015 through e- auction, informed a press release.

Bank has already initiated action under SARFAESI in respect of NPA accounts viz. M/s Horizons Infosystems, Nagpur where in Physical possession taken and sale notice issued against the reserve price of Rs.68 lacs and property will be sold through e- auction on 29.12.2015. Further, necessary permissions from the Hon’ble District Magistrate obtained for taking physical possession of the properties viz M/s Blossom Medicos, M/s Mischief Communications, Ms/ Mohan Tyres, and M/s Oyster for which action under SARFAESI is in process.

K. Murali Krishna, Dy. General Manager & Zonal Head, Allahabad bank, Nagpur Zone stated that the bank is committed to recover all its bad accounts through legal measures and the bank will not allow any of its borrowers to misuse Bank’s funds.