Mail News Service
Jamshedpur, August 18: The SSI branch of Bank of Baroda (BoB) at Sakchi took physical possession of the property of Indica Composite Pvt Ltd in Adityapur Industrial Area under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for non-repayment of loan amount.
According to BoB officials, the action was initiated due to non-payment of outstanding loan amount in spite of the borrower being provided ample time. The BoB SSI unit, Sakchi Branch team along with the appointed recovery officer, police force and bank officials, physically took possession of the property as per the orders issued. The bank officials explained that the account holder, Indica Composite Pvt Ltd, had an outstanding amount of over Rs 2.4 Crore plus other charges payable to the bank, which was not repaid on time, leading to the action of taking possession of the property.
