Electrosteel Castings disputes possession of its land by ARC

Electrosteel Castings has received a Notice dated 19 June 2019 issued by UV Asset Reconstruction Co. for taking the symbolic possession of land situated at Elavur under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with Rule 8 and 9 of the Security Interest (Enforcement) Rules, 2002.

The Company has disputed their action and is contemplating further legal actions in this regard.

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