Canara bank proceeds  against  APG trust  over failing to repay Rs 39 Cr bank loan

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Shimla, Jun 2

Canara Bank Shimla served a possession notice to APG Trusts owners of a pvt university near Shimla for the mortgaged collaterals after failing to repay more than Rs  39. 21 Cr  bank loan.

The notice  posted on the entrance of APG universtiy Naming seven trustee issued by Canara Bank Shimla issued to M/s APG Charitable trust as it failed to repay the Rs 39, 21, 50,736.27 on account of loan lended from the bank.
As the borrowers failed to repay said amount notice also warned the public in general that collectrols at eight places could be taken under excercise of possession with effect from Jun 1 . The borrower in particular and the public in general are cautioned by the bank not to deal with property and any dealing in the property.
Bank warned the borrow that it was inviting the provision of Section 13  (8)  of  the Act  in respect  of time available to redeem the secured assets , notice mentioned.

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