Rs 860 cr worth asset of defaulters to be seized: Ahmedabad district collector Vikrant Pandey

Continuing the crackdown against loan defaulters, the Ahmedabad district collector has ordered attachment of properties worth Rs 860 crore belonging to defaulters.

District collector Vikrant Pandey ordered attachment of the Rs860 crore properties under The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI Act) after hearing 74 cases of loan defaults. The attachment orders were passed last week. “Majority of these properties are commercial or industrial properties, but a few are also residential units. The properties have been attached in view of default on loan repayment,” Pandey sa-id. The attachment orders pave the way for banks to take over possession of these properties and to auction them to recover their dues.

As district collector of Ahmedabad, Pandey has completed hearing into 250 cases of loan defaults in the last couple of months, and ordered attachment of Rs4,630 crore worth of properties belonging to defaulters.

He had ordered attachment of Rs3,770 crore worth of properties in 176 cases of defaults in a single day in June, which was one of the biggest such orders anywhere in the state and country.