Financial Daily from THE HINDU group of publications
Wednesday, Nov 27, 2002
Financial Daily from THE HINDU group of publications Wednesday, Nov 27, 2002 |
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Money & Banking
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Non-Performing Assets Lord Krishna Bank secures assets thru Ordinance Our Bureau
KOCHI, Nov. 26 LORD Krishna Bank Ltd has taken possession of secured assets mortgaged to the bank under the Securitisation Ordinance 2002. The bank took into its possession 10,480 cents of land situated in Broadway, Ernakulam in the heart of Kochi city. The property worth around Rs 50 lakh, was given as security to it in the account of Koluthara Systems Pvt Ltd. The bank intends to dispose the security once the Supreme Court interim order is lifted regarding the sale of securities. As per this Securitisation Ordinance, lenders have the power to take possession of the securities without the intervention of the court or DRT. As per a bank release, the bank had served 379 notices under this new Ordinance. "The bank intends to enforce this law against other defaulters also, on a case to case basis, thereby reducing the NPA level considerably.'' Lord Krishna Bank is the first private sector bank to invoke the law and take possession of the security.
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