Bank of Maharashtra took a move for the recovery of a loan worth Rs.153.77 crore by setting up the sale of moveable and immovable assets of Unity Appliances, it’s a debt-ridden Videocon Group.
The company operates from SIPCOT Industrial Complex Sivagangai, Tamil Nadu, manufactures LED and LCD televisions sets along with air conditioners. Unity Appliances is under the dues worth over 153.77 crores, plus interest, from January 5, 2018.
For the second time bank has issued an e-auction notice to Unity Appliances. Earlier, a notice was issued under securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 in January last year.
According to the undertaking insolvency and bankruptcy process list from Reserve bank of India, Videocon group is with 27 other large defaulters.
Read EquityPandit’s Nifty PSU Bank Outlook for the Week