Indian Bank takes over Saravana Stores (Gold Palace) in T. Nagar for non-payment of dues
The Hindu
In May 2021, Indian Bank had declared Saravana Stores Gold Place a fraud account; sources said their dues now amount to ₹480 cr with interest
Indian Bank on Wednesday, took over physical possession of two properties of Saravana Stores (Gold Palace) in T. Nagar, as per a court direction.
The bank took over the possession of the store for non-payment of dues, under provisions of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
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