New Delhi: SBI on Monday said that it was not a party for the case where the director Arc Alchemist Pratip C Chaudhuri, the former chair of the largest lender in the country, was arrested and the court may not be “brief correctly” in the order of the event.
The bank said that Chaudhuri had retired from the SBI in September 2013, and all directors, who joined the arc board a year later, were named in this case.
“It arises from a copy of the trial now accessed by us that the court seems to be correctly recognized in the order of events.
As much as SBI is not a party for this case, there is no chance for the SBI view that is heard as part of this process.
SBI wants to reaffirm that all processes The law was followed when making the sale became ARC.
The bank has offered cooperation with law enforcement and justice authority and will provide further information, if anyone can be called from their parties, “SBI said in a statement.
Garh Rajwada, a hotel project in Jaisalmer, was funded by SBI in 2007 and remained incomplete until the main promoter died in April 2010.
Two months later, the account turned into an unworked asset and the bank initiated several steps to restore contributions.
In March 2014, contributions were assigned to the arc.
“This sales for the ARC by the Bank is carried out through a process set according to the bank’s policy.
We further understand that the Borrower is the target of the IBC process by the ARC and the assets have been acquired by the NBFC in December 2017, once again through the process due to NCLT, Delhi orders, “The statement said.
While the borrower initially filed firs with the police opposing sales to the bow, the entity then proposed “protest petitions” in the court judge court like that “disadvantaged the negative closure report submitted by the police”.