Bank takes possession of hotel

Our Correspondent

Nurpur, January 19

After procuring order under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act-2002 from the District Magistrate, Kangra, the local State Bank of Patiala branch today took physical possession of two immovable properties after failure of their owners in repaying the bank’s loans.

As per information, the bank authorities in the presence of police and local tehsildar took possession of a hotel-cum-restaurant at Kandwal and one factory building in ward number nine in the town.

Usha Baryal, Chief Banager of the bank, said building owners were not repaying the bank’s loan and other dues and their loan accounts had turned non-performing Assets (NPAs) for the bank. “The bank acted under the SARFAESI Act-2002 and procured requisite order for taking physical possession of these immovable properties from the District Magistrate, Kangra,” she asserted.