Indore: The Debt Recovery Tribunal (DRT) has seized the bungalow of an industrialist who was a guarantor in Rs 10 crore loan case.
DRT officials said on Tuesday that they have seized House No 47B, Palsikar Colony owned by Sunil Advani, a city based industrialist, following orders issued by DRT Jabalpur.
A loan given by Punjab National Bank to M/S Best Vegetable Oil and Refinery Limited was guaranteed by Sunil Advani. During the process of attaching the property, Deepak Pachouri recovery inspector was also present along with Roopak Kumar, chief manager, ARMB branch, Indore and Prateek Shrivastava manager (Law) circle office, Indore.
According to official information a loan of Rs 10,20,00,000 was sanctioned to M/S Best Vegetable Oil and Refinery Limited by Siyaganj branch of Punjab National Bank and due to non-repayment of loan, the account became NPA. Bank initiated insolvency process against the company in the National Company Law Tribunal (NCLT), and currently the process of liquidation process of the company has started. Prakash Advani is the promoter and director of the said company while Sunil Advani was the guarantor in the said account. The property is attached by the DRT following application by the bank.