LIC Housing Finance takes possession of Orbit Corp property

This, after it defaulted on its loan

LIC Housing Finance has taken possession of Orbit Corporation's 25,670-square feet property in Lower Parel area of Mumbai after it defaulted on its loan. 

Orbit Corporation had taken a loan of Rs 95 crore. Company's MD Pujit Agarwal and chairman Ravikiran Agarwal were guarantors for the loan.