For non-payment of dues worth Rs570 crore, LIC Housing Finance Ltd has taken symbolic possession of a Churchgate property in Mumbai whose guarantor was Essel group chairman Subhash Chandra.
In a newspaper advertisement published on Saturday, LIC Housing Finance said it had issued a demand notice calling upon the borrower Vasant Sagar Properties, PAN India Infraprojects, with guarantor Subhash Chandra to repay the aggregate amount of Rs570 crore.
LIC Housing Finance said that the borrowers and guarantors have failed to repay the amount, and the company has taken symbolic possession of the assets under the SARFESI Act on 28th September.
The borrowers and guarantors, in particular and the public in general, are cautioned not to deal with the properties, and any dealings with the properties will be to the charge of LIC Housing Finance for an amount of Rs570 crore.
The property in question is a plot in Backbay Reclamation Estate, Churchgate in Mumbai.
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