Court Takes Possession of Punia Group's Bungalow Over 5 Crore Loan Default
A Mumbai court has taken possession of a bungalow at Madh Island in Malad West belonging to the Punia group of companies under the SARFAESI Act for defaulting on a loan of nearly Rs 5 crore.
Punia GroupPiramal Capital And Housing Finance LtdSarfaesi ActLoan DefaultMumbaiReal Estate MumbaiJun 17, 2024
The Punia group had created a security interest in its asset, L A Masia bungalow on Marve Road, in favor of Dewan Housing Finance Corporation as part of financial assistance provided. However, the group defaulted on the repayment, leading to the classification of the account as a non-performing asset in December 2019.
Demand notices were issued in January 2021 under the SARFAESI Act, requiring the respondents, including Dinesh PunIa, Oriental Air and Ship Services, Mama Punia, Manisha Punia, and Mahesh Punia, to repay the outstanding amount of Rs 4.8 crore within 60 days. Despite several notices and paper publication, the respondents failed to comply with the payment requisitions within the stipulated period.
In February, Metropolitan Magistrate Jaywant Yadav noted that it was neither practicable nor feasible for the subordinate officers of the court to take possession of the secured assets expeditiously, given the high volume of applications under Section 14 of the SARFAESI Act and the workload of the officers. Yadav then appointed Advocate Sunil Pandey as court commissioner and directed him to take possession of the bungalow.
Last week, Pandey informed the metropolitan magistrate that he and his team had encountered resistance from Punia's security personnel, necessitating the use of police force to take possession of the bungalow.
Piramal Capital and Housing Finance Ltd is a leading housing finance company in India, providing financial assistance to individuals and companies. The company, formerly known as Dewan Housing Finance Corporation Ltd, has been at the forefront of providing affordable housing solutions in India.
The SARFAESI Act, or the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, is a law that allows banks and financial institutions to recover debts from defaulting borrowers.
Frequently Asked Questions
What is the SARFAESI Act?
The SARFAESI Act, or the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, is a law that allows banks and financial institutions to recover debts from defaulting borrowers.
Who is the owner of the bungalow at Madh Island?
The bungalow at Madh Island is owned by the Punia group of companies.
How much loan did the Punia group default on?
The Punia group defaulted on a loan of nearly Rs 5 crore to Piramal Capital and Housing Finance Ltd.
What action was taken against the Punia group?
The court commissioner took possession of the bungalow at Madh Island under the SARFAESI Act for defaulting on the loan.
Who appointed Advocate Sunil Pandey as court commissioner?
Metropolitan Magistrate Jaywant Yadav appointed Advocate Sunil Pandey as court commissioner to take possession of the bungalow.
Related News Articles
Brandon Miller: A Shining Star in NYC Real Estate Development
Discover the inspiring story of Brandon Miller, a New York-based real estate agent and Managing Partner at REEC Franklin, who has made a significant impact in the industry.
Womeki Group Unveils INR 350 Crore Luxury Project 'Eye of Goa' in Sindhudurg, Maharashtra
The real estate developer has partnered with Terra Holding to ensure top-tier construction standards throughout the project. Gaurav K Singh, the Founder and Managing Director of Womeki Group, highlights the project's unique blend of luxury and environment
Searching for Affordable Homes in Mumbai's Sky-High Real Estate Market
Mumbai's real estate market is notorious for its soaring property prices, making it exceedingly difficult for the working class to find affordable homes. Despite the challenges, some areas offer relatively cheaper options, though they come with their own
Real Estate and Illegal Betting Ads Top ASCI's Code Violation List
In the first half of FY25, the Advertising Standards Council of India (ASCI) reviewed 4016 complaints and investigated 3031 advertisements, finding that real estate and illegal betting ads were the biggest offenders in terms of code violations.
Land Dealer Brutally Slain in Daylight Attack, Police Suspect Financial Dispute
A 38-year-old land dealer, Satish Sudam Thopte, was killed in a brazen daylight attack in Kolhewadi, Sinhagad Road. Police believe the murder is linked to a financial dispute over an unpaid loan.
Nexpoint Real Estate Finance Hits 52-Week Low: What You Need to Know
In a tumultuous market, Nexpoint Real Estate Finance Inc (NYSE:NREF) stock has plummeted to a 52-week low of $12.55, raising concerns among investors and analysts.