The Industrial Development Bank of India (IDBI) has taken over the Mangaon property of Suman Motels under the Securitisation Act.
IDBI had earlier filed an application for recovery of dues valued at Rs 25 crore, including outstanding interest, with the Debt Recovery Tribunal (DRT) in Mumbai.
IDBI, which has exclusive charge on this property, has appointed Mitcon as the custodian for the property.
The institution is looking at selling the resort. The resort, which is situated in Raigad district in Maharashtra, is built on a land of 45.75 acres and has 40 cottages with swimming pool, health club, vast landscape, conference hall.
The company also has resorts at Alibaug, Murud and Panchgani on which IDBI has a charge along with other institutions. These resorts have around 20 cottages each.
IDBI has also served a notice to the company to take over these resorts under the Securitisation Act.
