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Mumbai: Film producer loses 2 flats in Oshiwara over loan default

The loan of Rs 4 crore was taken by the production house Kushan Nandy and Kiran Shroff Pictures Pvt Ltd in late 2015 and thereafter in early 2017 another Rs 70 lakh was sanctioned by the bank to it.

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Producer Kiran Shyam Shroff—Instagram/Kiran Shyam Shroff
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A magistrate court on Tuesday ordered taking possession of two suburban flats of a film producer-cum-writer in a loan default case.

Additional Chief Metropolitan Magistrate PM Gupta by an order appointed a Court Commissioner to take the possession of two flats in a building in Oshiwara — one measuring 383 sqft and another measuring 715 sqft. These flats are mentioned as the address of film producer Kiran Shroff in the application by Allahabad Bank for securing possession of the properties.

The loan of Rs 4 crore was taken by the production house Kushan Nandy and Kiran Shroff Pictures Pvt Ltd in late 2015 and thereafter in early 2017 another Rs 70 lakh was sanctioned by the bank to it.

The case was filed by Allahabad bank last year against the production house, Shroff, producer, writer, and director Kushan Nandy, editor Ashmith Kunder of Dasavatharam fame and another woman, who are apparently office-bearers in the production house.

The order came upon an application made by the bank under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) for taking possession of the two Oshiwara properties which were given as security against the loan.

The loan had been classified as a 'Non-Performing Asset' in March last year due to default in repayment. Thereafter, the production house was given the notice to repay the loan within two months but did not do so. By this time, the outstanding amount had gone up to Rs 5.03 crore. It is in these circumstances that the bank filed an application before the court.

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The loan of Rs 4 crore was taken by the production house Kushan Nandy and Kiran Shroff Pictures Pvt Ltd in late 2015 and thereafter in early 2017 another Rs 70 lakh was sanctioned by the bank to it

 

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