LIC Housing Finance takes asset’s symbolic possession

NEWS DELHI: LIC Housing Finance has taken symbolic possession of a Churchgate property in Mumbai whose guarantor was Essel Group Chairman Subhash Chandra for non-payment of dues.
In a newspaper advertisement published on Saturday, LIC Housing Finance said it had issued a demand notice calling upon the borrower Vasant Sagar Properties, PAN India Infraprojects with guarantor Subhash Chandra to repay the aggregate amount of Rs 570 crore.
LIC Housing Finance said that the borrowers and guarantors have failed to repay the amount and the company has taken symbolic possession of the assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, on September 28.
The borrowers and guarantors in particular and public in general are cautioned not to deal with the properties and any dealings with the properties will be to the charge of LIC Housing Finance for an amount of Rs 570 crore. The property in question is a plot in Backbay Reclamation Estate, Churchgate in Mumbai.