Sicom a Non Banking Finance Company take symbolic possession of a mortgage property in Vadodara belongs to Diamond Power Transformers Limited. The finance company take the symbolic possession of ground and first floor of Mayfair Atrium as the borrower failed to repay the amount.
As per the available details Diamond Power Transformers Limited took a loan of 33 crores from Sicom in 2012 and mortgage the property Mayfair Spaces Private Limited against it.
The company failed to repay the loan amount in time and went in default. Taking action the finance company served notice and take symbolic possession of the ground and first floor of Mayfair Atrium situated at DPS Vadsar road the mortgage property with them. A notice from the company also stuck there at the property.
Authorised officer Shatrugna Kalavar from Sicom said the company mortgage the property against the loan dispersed to them. The company failed to repay the amount along with interest and they took symbolic possession of the mortgage property at Vadodara. They will now apply to District Magistrate to completely take over it.
Amit Bhatnagar from Diamond Power Transformers Limited said they took 40 crore loan from the Sicom company and pay 10 crores to them. The company then said to roll over the remaining amount which they have to pay in next three years. However they charge more interest against their promise and on 6th June 2017 he took the company to the court.
Further he said the finance company take symbolic possession of the ground and first floor of the Mayfair Atrium and stick a notice there.
Vadodara Municipal Corporation also stuck a notice there about non payment of tax amount for the year 2017 -18 and take possession of the property.