Vikram Bakshi’s Noida plot seized by HUDCO
On Tuesday, the Housing and Urban Development Corporation (HUDCO) seized a Noida plot which belonged to Vikram Bakshi’s flagship company, Ascot Hotels & Resorts.
The plot seized by HUDCO is Vikram Bakshi’s 18,600 square metres property in Noida. About the reason that led to the confiscation of the plot, HUDCO officials said that Bakshi’s firm Ascot Hotels & Resorts had to repay a Rs 80 crore loan to the government-backed lender.
Going by the loan-related details shared by the HUDCO officials, Ascot Hotels & Resorts was sanctioned a term loan of Rs 80 crore, with Bakshi and his wife as guarantors. With the loan amount sanctioned by HUDCO, Ascot Hotels & Resorts proposed to construct a club-cum-banquet hall at Sector 62 in Noida.
The HUDCO officials said that Rs 62.38 crore was disbursed to Ascot Hotels & Resorts. However, after the company defaulted persistently, even after its assurances to repay the amount, notices were issued by HUDCO to the borrowers/guarantors. The officials also revealed that the loan was finally recalled by HUDCO in February 2013.
Meanwhile, countering the statements made by HUDCO officials, Ascot Hotels & Resorts has asserted that the company has been repaying the loan; and added that HUDCO’s stance had hurt project, causing extensive delays and financial losses.
Putting forth Ascot Hotels & Resorts’ arguments, the company’s CFO Sanjeev Gulati said in an email: “We had applied for the loan in early 2006 but HUDCO did not disburse the full amount, which impacted the project in a significant manner.”
Source – The Times of India
Housing and Urban Development Corporation (Hudco), HUDCO, Hudco (Housing and Urban Development Corporation), HUDCO housing projects
