State Bank of India has taken possession of the ten-storey Instacon building that houses the offices of the `1,000 crore infrastructure company, Synergy Thrislington, and was constructed in 48 hours in November 2012 after the bank said the firm had not repaid loans totalling about Rs 103 crore.
However, Harpal Singh, who has promoted the company and also owns a stake in the upmarket JW Marriot Hotel in Sector 35, Chandigarh, claimed he was not aware of the development as he had gone out of town and would return after two days.
Officials at the bank’s Chandigarh office said the building was attached by SBI on April 25, 2015. They said the company’s major subsidiaries had not repaid loans taken from the bank. They included Synergy Telecommunications, a unit of Moonlight Properties, Chandigarh (`46 crore), Synergy Telecommunications, Dherowal village, Nalagarh (`30 crore) and Synergy Thrislington (`27 crore).
A bank official said seven company properties including a shop cum office in Sector 9, Chandigarh and a house in Phase 4, Mohali that were pledged for securing the loans would be attached for recovering the outstanding amount. “A demand notice was sent on February 23, 2015 to the borrowers and guarantors to repay the amount within 60 days of receipt of the notice under section 13(12) read with rule 8 of the Security Interest (Enforcement) Rules, 2002. As the loans were not repaid SBI took possession of the building on April 25,” he added.
Meanwhile, Ajay Gandhi, assistant general manager (relationship) at the SBI Chandigarh head office in Sector 17, confirmed the bank had attached the company properties after it failed to repay the loans. A senior SBI official said the bank would consider various options to recover the money including auctioning. However, sources said the bank had not yet taken physical possession of the pledged properties.