Debt

Debt financing

Indian Bank seizes Saravana Stores Gold Palace in Chennai

Business Line  

Indian Bank has taken physical possession of Saravana Stores (Gold Palace) located on Ranganathan Street in T. Nagar, a commercial hub of Chennai. The bank took the action under the SARFAESI Act. It was executed by court-appointed Advocate Commissioner RS Dhuriyan with the help of the local police. In May 2021, Indian Bank declared the company a non-performing asset with outstanding dues of around INR 231 crore, and reported it as 'fraud' to the RBI.