LIC Housing Finance has taken symbolic possession of a property in Churchage, Mumbai, whose guarantor was media mogul Subhash Chandra, for non-payment of dues.

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In a newspaper advertisement published on Saturday, September 30, LIC Housing Finance said it has issued a demand notice calling upon Vasant Sagar Properties, as well as PAN India Infraprojects and the guarantor Chandra to repay the aggregate amount of over Rs 570 crore within two months from the date of receipt of the notice.

LIC Housing Finance said the guarantors and borrowers had failed to repay the amount and so it took symbolic possession of the assets on September 28, under the SARFESI Act.

LIC Housing Finance said the borrowers/guaranters and the public are cautioned "not to deal with the properties and any dealings with the properties will be subject to the charge of LIC Housing Finance for an amount of Rs 570,50,43,723.11, and interest and ither charges, etc, thereon," the newspaper advertisement stated.

The property mentioned is a plot located in the Backbay Reclamation Estate in Churchgate, Mumbai.

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First Published:Oct 1, 2023 11:27 AM IST