The Export Import Bank of India (Exim Bank) has taken possession of the immovable property of the New Delhi-based Usha India Ltd under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Exim took the action against Usha for failing to repay Rs 2.18 crore by way of outstanding dues.
Exim Bank had issued a demand notice dated July 29, 2002, on Usha India to repay the outstanding dues within 60 days from the date of receipt of the notice. But when the company failed to pay up, Exim took possession of its property located at Mohan Co-operative Industrial Estate, Mathura Road, New Delhi.
Usha India
