M/S JAIN UDHAY FABRICS PVT LTD AND M/S JAIN UDHAY INTERNATIONAL ENTER INTO OTS WITH STATE BANK OF INDIA

Ludhiana, September 14, 2016: Additional Deputy Commissioner (General) Dr Rishipal Singh has informed that on September 8, 2016, his office had given a go ahead to the banks to take action against 125 defaulters from whom various banks had to recover a total of Rs 778.98 crores. He informed that these orders were issued under section 14 of SARFAESI Act and the District Administration had allowed the banks to confiscate the properties of the defaulters for the recovery of their pending dues.
Dr Rishipal Singh informed that as per official communication received from M/S Jain Udhay Fabrics Pvt Ltd and M/S Jain Udhay International, both these companies have entered into a One Time Settlement (OTS) with their bank, State Bank of India. It is pertinent to mention that both these companies owed Rs 87.21 crore and have entered into OTS with their bank for Rs 14.60 crore. He said that both the parties have submitted the necessary documents with the office of ADC (General), Ludhiana. The ADC (General), Ludhiana, informed that the orders issued on September 8, 2016 would not imply on the above two companies.