Excelsior Correspondent
JAMMU, Nov 7: Jammu and Kashmir Bank Limited today sealed the building of Jewel Cinema after the borrowers failed to repay the loan amount.
According to official spokesperson of the J&K Bank, the Authorized Officer of the bank under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in exercise of powers conferred under Section 13 (2) read with the Rule 3 of Security Interest (Enforcement) Rules 2002, had issued a demand notice dated May 15, 2013 calling upon the borrower(s) M/s Jewel Cinema, Jewel Chowk, Jammu through its partners Harbans Wahi and Sanjay Wahi, sons of late Kedar Nath Saraf, of Canal Road and legal heirs Kuldeep Wahi, Manmohan Wahi and Dinesh Wahi, sons of Kedar Nath Saraf of deceased partner Savitri Devi, wife of late Kedar Nath Saraf of Canal Road to repay the amount Rs 1,08,91,042 along with further interest and other charges accrued thereupon within 60 days from the date of the receipt of the notice.
He added that the borrowers failed to repay the amount and the notice was given to the barrower(s) in particular and the public in general, that the authorized officer of the bank has taken the possession of the property described in exercise of power conferred on me under Section 13 (4) of the said Act read with Rule 8 of the said rule on November 5, 2014.
Bank spokesperson further stated that the borrower(s) in particular and the public in general are cautioned not to deal with the property and any dealing with the property will be subjected to the charge of the J&K Bank Limited amounting Rs 94,37,644 along with further interest and other charges accrued thereupon.
He added that the bank officials sealed building constructed on 4 kanals and 16 marlas at Jewel Chowk and also pasted posters and installed hoarding in the premises of the Jewel Cinema, showing that the building has been mortgaged in account of M/s Jewel Cinema is now under possession of J&K Bank.
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