Published On : Wed, Nov 18th, 2015

Allahabad Bank seizes, seals Horizon Infosystem for defaulting loan payment

Horizon electronics & IT Store
In a major action, first of its kind in recent days, Allahabad Bank on Wednesday seized and sealed Horizon Infosystem, a sprawling electronics and IT store in Shankar Nagar for defaulting loan payment. The Horizon Infosystem, owned by Ajay Surinder Chouhan, has been served with a notice to repay an amount of Rs 90,23,044.48 together with further interest and expenses with effect from 01-04-2012 within 60 days.

The action of possession of M/s Horizon Infosystem by Allahabad Bank was initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and relevant sections of Security Interest (Enforcement) Rules 2002.

A due demand notice was served to the borrower the Proprietor of M/s Horizon Infosystem Ajay Surinder Chouhan for repayment of the Bank loan.

Horizon electronics & IT Store (1)
Since the borrower failed to repay the loan, Allahabad Bank took the possession of the firm. M/s Horizon Infosystem is located at DG-3, Ground Floor, Kamlakar Palace, West High Court Road, Shankar Nagar.

Horizon electronics & IT Store (2)