A consortium of 25 State-owned Banks have started a process to
salvage Rs.3,002 Crore from engineering procurement and Construction Company,Zoom Developers, and its Promoters.
United Bank of India, authorised by
other 24 Banks, has taken over a 3.4 acre land parcel in Andheri suburb of Mumbai,
offered by Zoom and its Promoters as collateral for the debt.
They have started the process of recovering the dues by taking possession of properties and various other
securities provided by them (Zoom, its Promoters and Loan Guarantors) as
collateral. However, they did not provide the details of properties that have
been received as collateral from Zoom and its associates while securing loans.
They will be following the process during the time frame by when all such
properties will be auctioned to recover dues.
The 3-4 acres of land parcel at Chakala
in Andheri was owned by Magnificent Constructions, a Guarantor for Zoom and its
Promoters’ debt. According to Property Consultants, the aforesaid land parcel
can help the Banks realise not more than Rs.450-500 Crore even at peak rates. This
amount is a little over 10% of the Banks’ debt and interest exposure of over
Rs.3,000 crore.
The Banks have taken the action to
attach the collateral property after Zoom Developers, its Promoters Vijay Choudhary
and BL Kejriwal, and its Guarantors failed to repay the said amount despite
demand notices earlier this year.
Several media reports suggested that Zoom Group is engaged in various
businesses, including engineering and project management services, development
of industrial and infrastructure projects, information technology, business process
outsourcing and telecom. None of the Builders are aware of Zoom Developers as a
Property Developer even after the issue of huge debt that has been classified
by public sector Banks as non-performing assets.
According to reports, the Central Vigilance Commission (CVC) was close to finalising disciplinary action against
officials of 25 Banks, that provided loans worth Rs.2,650 crore to Zoom
Developers. Some of the major Banks that
have exposure to Zoom Developers include SBI, Punjab National Bank and Bank ofBaroda.
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