Debt Recovery Guru - Debt Collection India Portal, Latest Indian Credit Industry News , Jobs, Events, Directory

Friday
Nov 24th
Text size
  • Increase font size
  • Default font size
  • Decrease font size
Home Debt Purchasing India Hotel Chidambara up for auction to recover loan amount

Hotel Chidambara up for auction to recover loan amount

E-mail Print PDF
In 2002, Hotel Royal Palace owned by Rajkumar Khattar was mortgaged to recover dues of Shikshak Sahakari Bank under the SARFAESI Act. The bank realized Rs 4.32 crore by selling the hotel that it claimed to be one its major achievements. This was one of first properties of a bank defaulter that was auctioned in 2002.
 
The hotel was purchased by Raipur-based businessman Balkrishna Agrawal and rechristened it Chidambara International, is now a bank defaulter himself. Agrawal owes over Rs 20 crore to Punjab National Bank (PNB) has invited bids for the property.
 
The bank has fixed a reserve price of Rs 12 crore—a three fold increase in a decade. This is not the first time PNB is trying to sell the property. The earlier three attempts to invite bids failed as no buyer turned up. Under the current auction, bids will be opened on June 27. 
 

 
 

Advertisement

Advertise on Debt Recovery Guru. Check out options by clicking here!

Advertisement

Advertise on Debt Recovery Guru. Check out options by clicking here!

Newsletter

Follow DRG

TwitterFacebookFeed

Polls

How is the Debt Recovery Industry's Reputation in India?
 

Advertisements