Financial Daily from THE HINDU group of publications
Saturday, Nov 15, 2003
Financial Daily from THE HINDU group of publications Saturday, Nov 15, 2003 |
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Money & Banking
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Non-Performing Assets IOB stumps borrower with Securitisation Act Our Bureau
Chennai , Nov. 14 THE SARFAESI Act — the legislation brought in to help banks seize the hypothecated assets from defaulting borrowers — has enabled Indian Overseas Bank to square up with a defaulter who got tough with the bank's recovery agents. The security in this case was two mammoth earthmoving machines. Last month, the bank obtained an order to take possession of the equipment from a city court after its recovery agents had problems with the borrower, Parvathi Earthmovers of Chennai. Armed with a posse of policemen, the bank proceeded to remove the two machines from the premises of the borrower. The machines are now stationed at Puzhal on the outskirts of Chennai and the bank expects to recover its dues of Rs 25 lakh, by selling them.
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