Tuesday, January 19, 2021

SBI seals Hardrock Fabrication company for failure to clear loan

Seraikela, Jan 6: State Bank of India  under the monitoring of the Seraikela-Kharsawan district administration on Wednesday sealed Hardrock Fabrication Company situated in phase two at Adityapur Industrial Area as part of the process to take possession of the assets of the company for failure to repay loans worth Rs 34 crore.

The company had taken a loan of Rs 34 crore but was not able to clear the loans in time and the State Bank of India, Patna branch officials got in touch with the district administration to start the process of taking up the possession of the assets as per law.

According to SBI senior official, Dilip Pathak, the company is also functional at Dharwad and Kolkata and after evaluation of the company’s assets process for auction of the assets would commence.

Significantly, company’s proprietor Dharambir Singh had kept company’s land and his personal flats on mortgage for taking loans from the bank.

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