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Thursday, February 19, 2015

Andhra Bank invokes Sarfaesi Act to recover loans from Agri Gold Projects

Andhra Bank has invoked the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act to recover over Rs. 100 crore loans from Agri Gold Projects Ltd.

A demand notice has been issued by Andhra Bank on February 16, 2015 to the Vijayawada-based company in this regard.

The company is engaged in the generation of electricity using biomass as fuels and execution of infrastructure projects. It has been availing credit facilities from Andhra Bank since 2009, including a corporate loan of Rs. 26 crore, working capital term loan of Rs. 65 crore and a short-term loan of Rs. 20 crore.

It has been given 60 days time to repay the loan failing which the bank could take the possession of securitised assets of Agri Gold, including its head office, to auction them.

Source : Thehindubusinessline


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