Zoom Developers was set up in 1991 to launch real estate projects in India and abroad, most of which remained on paper. The Enforcement Directorate (ED) had arrested Zoom Developers' promoter-cum-director Vijay Choudhary in May, 2017 in connection with a 966-crore bank loan default case. Mr. Choudhary was arrested in Mumbai and was taken to Indore for further legal proceedings. The ED said that Zoom Developers is involved in default of loans to the tune of ?2,650 crore, taken from 25 banks.
In connection with the same case, the District administration of Indore on 8th May has given possession of properties of Zoom Developers and its associates to the concerned banks to whom the firms had mortgaged them and failed to repay loans to the tune of Rs 3000 crore.
Zoom Developers and its associate firms including Brilliant Infrastructure Pvt Ltd, Magnificent Infrastructure Pvt Ltd, Choudhary Innovation Business Pvt Ltd, all registered and Zoom Realty Project Pvt Ltd had mortgaged six properties of Indore to avail loans from 25 banks. It failed to repay the amount prompting banks to approach the administration in making the recovery by seizing the mortgaged properties and putting the same on auction.
As per the list of properties made available by banks, the firms had mortgaged as many as seven properties.
In the order, collector Nishant Warade mentioned that despite issuing repeated notices to Zoom Developers and its firms, they failed to appear before the administration to present their side and therefore, the authority took an ex-parte decision of handing over possession over the mortgaged properties to the concerned banks.
Courtesy/By: Kritanjali Sarda
|
09 May 2018
