The Hindu Business Line : Indian Bank takes possession of Binny property

INDIAN Bank has taken possession of the corporate office of Binny Ltd consisting of 37.060 grounds, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.

The bank had issued a demand notice dated June 30, 2004 calling on the borrowers, Binny Lorze Ltd, to repay Rs 123.27 crore within 60 days. Since the borrowers had not repaid the loan, the bank took possession of the property on June 23.

According to a possession notice in an English daily, the bank has said that "the borrower in particular and the public in general is cautioned not to deal with the property and any dealings with the property will be subject to the charge of Indian Bank for an amount of Rs 145.94 crore as on 31-5-2005 with further interest and cost thereon, till date of full and final payment."

The property is located on Armenian Street in George Town, Chennai.

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