Yes Bank takes possession of ADAG headquarters in Mumbai over non-payment

The bank had sent a ‘demand’ notice to Reliance Infrastructure on May 6, asking it to make payment within 60 days. Finally, on July 22, the lender acted to take possession of the two properties due to non-payment.

Yes Bank issued a notice in Wednesday’s newspaper stating that it was taking possession of two office premises of Anil Dhirubhai Ambani Group (ADAG), including its headquarters ‘Reliance Centre’ in Santacruz, Mumbai. The action has been taken by the lender under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI) Act, after Reliance Infrastructure failed to pay dues of Rs 2,892 crore. Apart from Reliance Centre, Yes Bank has taken possession of two floors in Nagin Mahal in south Mumbai.

The bank had sent a ‘demand’ notice to Reliance Infrastructure on May 6, asking it to make payment within 60 days. Finally, on July 22, the lender acted to take possession of the two properties due to non-payment.

“The borrower having failed to repay the said amount, notice is hereby given to the borrower and to the public in general that the undersigned has taken possession of the property in exercise of powers conferred on him under section 13 (4) of the said Act, read with Rule 8 of the said rules on 22nd day of July, 2020,” Yes Bank said in the an advertisent.