Assets of 78 arrears of Rs 191 crore of financial institutions will be seized

Mamlatdars in Rajkot district authorized to give possession of secured personal and industrial properties to a creditor bank or institution which failed to repay loans in the Corona-oriented recession.

Rajkot: When the entire property of Mallya-Modi like Pankaj is seized for embezzling crores and billions of rupees from banks, there are some Assamese-industrialists who have kept Rs. The government is forced to take strict action. In Rajkot city-district, 78 such defaulters have been paid Rs 191 crore by banks and financial institutions and a proposal has been initiated to take possession of their properties and hand them over to secured creditors.

Not all of these debtors have sunk public money out of bad intentions, but some of the debtors themselves believe that some of the defaulters have also failed to repay the installments due to the recent Corona-oriented recession. While the actual number of such defaulters is likely to be higher than expected, a list of 78 defaulters against whom the due process has been completed has been prepared.

Among the debtors who have to pay large amount is May. Indra Cotton Ginning & Pro.- 20 crore, May. Earth Cotton- 12 crore, May. Rameshwar Kotex- 8 crore, May. Shyam Ginning & Pressing Pvt. Ltd. - 29 Crores, May. Gujarat Export Company - 13 crore, May. Tirupati Industry - 27 crore, May. Natraj Industry - 13 crore etc.

When the defaulters fail to repay the amount by taking a loan from a bank or other financial institution, the revenue authorities seize their secured assets under the Surface Act (The Securitization and Re-construction of Financial Assets and Enforcement of Security Interest Act). -Finance remains to be given to the organization.

Rajkot District Collector Arun Mahesh Babu has so far ordered the Mamlatdars in all the 78 proposals to give possession of the properties of the defaulters to the banks. It also includes arrears ranging from Rs 30 crore to just Rs 3 lakh. Creditors include State Bank of India, Bank of Baroda, Rajkot Nagarik Sahakari Bank, Central Bank of India, Union Bank of India, Indian Overseas Bank, PNB Housing Finance etc. Banks, private banks and private finance companies. Apart from this, it is also learned that two banks have withdrawn cases against six Assamese after paying a total of Rs 1.5 crore to avoid proceedings like property confiscation.