Union Bank withdraws eviction notices served to residents of Noida society

State-run Union Bank of India has withdrawn eviction notices served by it to residents of a society in Noida and also assured that no action will be taken against them because the builder has defaulted on loan repayment.

The bank had given notices to 200 families of Gardenia Gateway by Gardenia Group in Sector 75, Noida, on August 5, as per the media reports.

"We have withdrawn all the notices. The matter has been resolved," the bank's managing director and CEO Rajkiran Rai G said.

The plot was mortgaged with the bank by the builder for a construction loan worth Rs 78 crore.

Since the builder failed to repay the loan, the bank's branch in Delhi from where loan was given, had put the property on auction as per the procedures, he said.

"Home buyers paid the money to the builder and bought homes. They should not suffer. We have assured that there will be no action against the home buyers due to a default by builder," Rai said.

The notices were withdrawn on Wednesday evening, he added.