Non-payment of Rs 105-cr dues by JIT

PNB takes symbolic possession of Guru Gobind Singh Stadium

JALANDHAR: Coming as a major embarrassment for the Jalandhar Improvement Trust (JIT), Punjab National Bank on Tuesday took the symbolic possession of Guru Gobind Singh (GGS) Stadium over the non-payment of dues amounting to Rs 105 crore.

PNB takes symbolic possession of Guru Gobind Singh Stadium

The Guru Gobind Singh Stadium.

editorial@tribune.com

Tribune News Service

Jalandhar, August 28

Coming as a major embarrassment for the Jalandhar Improvement Trust (JIT), Punjab National Bank on Tuesday took the symbolic possession of Guru Gobind Singh (GGS) Stadium over the non-payment of dues amounting to Rs 105 crore.

A notice regarding the same was pasted near all gates of the stadium, claiming that action was being taken under the Scrutinisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It also barred any illegal entry into the stadium premises, measuring 77 kanal 18 marlas and 120 feet. However, as a matter of big relief, sportspersons and walkers from the city have not been barred to use the stadium for practice sessions in morning and evening hours.

The notice by Kailash Chander Gagrani, assistant general manager, PNB branch, GT Road, reads: “The action comes after a demand notice was issued to the Trust on April 27, asking officials to make the pending payment within 60 days. The borrower failed to repay the amount. The borrower in particular and the public in general is cautioned not to deal with the property.”

Chairman of the JIT Diprava Lakra said: “It surely is a matter of grave concern to us. We have to make the payment against the outstanding amount. We will take up the matter with the bank DGM on Wednesday.”

The JIT authorities had been earlier issued a sealing notice for the stadium on July 13. Just then, the authorities had managed to prevent it from being sealed by making a Rs 60-lakh part payment against a loan taken from Punjab National Bank in 2011. The JIT had taken a loan of Rs 175 crore from the bank in 2011 for developing 94.97-acre Surya Enclave Extension Scheme. The JIT authorities could only return some part of the loan that too in an erratic manner. Since the past seven months, the Trust has stopped making further returns and the account was declared NPA by the bank on March 31.

The case

The Jalandhar Improvement Trust authorities had been earlier issued a sealing notice for the stadium on July 13. Just then, the authorities had managed to prevent it from being sealed by making a Rs 60-lakh part payment against a loan taken from Punjab National Bank in 2011. The JIT had taken a loan of Rs 175 crore from the bank in 2011 for developing 94.97-acre Surya Enclave Extension Scheme. The JIT authorities could only return some part of the loan that too in an erratic manner. For the past seven months, the Trust has stopped making further payments and the account was declared NPA by the bank on March 31.

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