The district administration has started the process for taking physical possession of 27 properties including plots, offices, flats and bungalows belonging to Sanghavi Exports International Private Limited owned by well-known diamantaire Chandrakant Sanghavi and his family members following loan default to the tune of Rs 468 crore.
Four days ago, a consortium of banks led by Bank of India (BOI) had taken physical possession of Sanghavi group’s Mumbai-based office at Bharat Diamond Bourse (BDB) for recovery of Rs 468 crore loan.
Surat district collector Dr Dhaval Patel told reporters that the consortium of banks led by Bank of India (BOI) had applied for seizing of the properties owned by loan defaulter Chandrakant Sanghavi in Surat city and district to recover defaulted loan through auction.
The district administration has identified 27 properties in various parts of the city including walled city, Katargam, Athwalines, Mahidhapura and Adajan. This includes a plot, factory building, light house building on Ved Road and Tunki areas, six offices at Dalia Mohalla in Katargam, a flat in Ashish Chambers in Mahidhapura, two offices located at Gem Avenue in Katargam, nine spacious flats at Sanghavi Tower and two flats at Megh Mayur apartment in Athwalines.
Sources said Athwa, Majura and Katargam mamlatdars have started the process for attaching the properties owned by Sanghavi group. Once the attachment is complete, the properties will be handed over to the BOI for public auction to recover defaulted loan of Rs468 crore.
“Notices have been served to Chandrakant Sanghavi and 20 defaulters named in the list submitted by the BOI. The owners will have to vacate the properties within 15 days of serving of the notice” said a senior officer in the district collectorate.