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Pegasus Asset Reconstruction company has taken part possession of Breeze Hotels in Chennai.
The hotel company borrowed “some amount” from Indus Ind Bank, and has not been servicing the loan. The bank sold this bad loan to Pegasus Asset Reconstruction company.
While officials of Breeze Hotel were not reachable for comments, a senior official of Pegasus told Business Line that as on date, the total loan outstanding stands at Rs 58 crore.
To recover this, Pegasus approached the Chief Metropolitan Magistrate under Section 14 of the Sarfesi (Security and Reconstruction of Financials Assets and Enforcement Security Interest Act) Act for taking physical possession of the mortgaged property of the 91-room in Breeze Hotel. Following this, an Advocate Commissioner was appointed to take possession of the property on behalf of Pegasus. According to the Pegasus official, the company is in possession of 25 rooms and four banquet halls.
The hotel management has sought 15 days time to sort out the issue, failing which the property will go under the hammer on June 15, said the official.
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