MUMBAI: The court commissioner recently took possession of a few properties and flats belonging to Sai Estate consultant and four Wadhwani brothers for a loan default of Rs 62.5 crore that they had taken from the Mumbai District Central Cooperative Bank.
The action was taken under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act , 2002.
The Additional Chief Metropolitan Magistrate Jaywant Yadav, who had appointed advocate Sunil Pandey as court commissioner, directed him to take over possession of the properties and land in Sindhi Society in Chembur. Pandey and the court staff with the help of local police took possession of the secured assets.
The court action came on the plea of the Mumbai District Central Cooperative Bank that had provided various loans-credit facilities to the said borrowers.
