IBHL to auction seized property in Chennai

The Ind Bank Housing Ltd (IBHL), a subsidiary of Indian Bank, is in the process of auctioning 13 flats measuring 18,000 sq ft, seized from promoters who failed to repay project loan.

According to a company statement, Srishti Estates and Investments Pvt Ltd availed a project loan from IBHL for construction of flats in Velachery, Chennai.

The land owners "� Jagan Mohan Rao and M Jayaraman "� mortgaged the land for the above loan. But both Srishti Estates and the mortgagers failed to repay the loan and the present balance was over Rs 15 crore.