SBI Bank has assumed control of a private Hotel located in Sector 35, Chandigarh. In the presence of law enforcement, the hotel’s assets are being removed from the premises. This action has been taken by the bank in response to the non-repayment of a 15 crore rupee loan. The dispute between the bank and the hotel owner was under consideration at Chandigarh DC’s office, but DC has ruled in favour of the bank. Following this, the bank has initiated this action.
According to bank sources, the bank had previously issued multiple notices to the hotel; however, the hotel failed to repay the loan. Consequently, the bank will conduct an auction of the hotel next month to recover the outstanding loan. Currently, the hotel will be vacated and sealed. Today, bank employees, along with their full legal team and Chandigarh police, arrived at the hotel. They affixed a notice for the seizure of the hotel at its entrance. Subsequently, all hotel employees were directed to vacate the premises. Following discussions with the owner, all of the hotel’s assets were removed. Chandigarh police personnel were also stationed at the location.
The owner of AMG Group of Hotels stated that he would appeal against the bank’s actions. He asserted that the bank’s actions were based on incorrect documents. He had taken a loan of 15 crore rupees, of which 13 crore rupees have already been repaid.
