IDBI cracks whip on Suman Motels

The Industrial Development Bank of India (IDBI) has taken possession of a resort of Suman Motels Ltd, located in Alibaug in Raigadh district, for recovery of loan dues under the Securitisation and Reconstruction of financial Assets and Enforcement of Securities Interest Act (2002). This is the second resort the financial institution (FI) has taken possession under the act after the one located in Mangaon in the same district of Maharashtra in the last week of March.

The Shore Club (resort) on Kashid Beach near Alibaug, which has been in operation for the last nine years, has seven log houses with kitchen facilities and garden, IDBI said in a release on Monday. The FI took possession of this resort, which is situated about 60 km from Alibaug on April 22. Steps have also been initiated for take-over of resorts at village Yesade, Alibaug and Panchgani, IDBI added.

Earlier, IDBI had taken possession of a resort of Suman Motels Ltd at Mangaon in Raigad district of Maharashtra after filed an application with a Debt Recovery Tribunal for recovery of Rs 25 crore, including interest to financial institution and other co-operative banks.

The company owes Rs 140.49 crore (secured loans of Rs 42.63 crore and unsecured loans of Rs 97.86 crore) to various banks and financial institutions. Banks and FIs led by IDBI and ICICI Bank have moved against several defaulters including Mardia Chemicals, SPIC Petro and Ganesh Benzoplast.