Bank of Baroda (BoB) has seized part-possession of Nirmal Mall in Mumbai’s Mulund after developer Dharmesh Jain of Nirmal Lifestyle failed to repay a loan of Rs 161.38 crore. Bank of Baroda had served the repayment notice to the developer in December 2022.
Under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest –SARFAESI Act, 2002, Bank of Baroda initiated possession action on January 24, 2023, and took possession of 3.41-lakh- sqft property.
Outside the Nirmal Mall, Bank of Baroda has put a notice that reads: “The property is in possession of the authorised officer, Bank of Baroda, Zonal Stressed Assets Recovery Branch, Meher Chamber, Ground floor, Dr. Sunderlal Behl Marg, Ballard Estate, Mumbai-400001 under the provisions of the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002.”
Note that in 2021, Bank of Baroda had taken a symbolic possession of the Nirmal Mall and had put it on e-auction for a reserve price of Rs 33,912 lakh and earnest money deposit (EMD) of over Rs 3,391 lakh.
Source: Bank of Baroda website
The Maharashtra government was to auction Nirmal Developers’ Mulund plot on January 18, 2023, over project delays. However, the auction was postponed owing to technical reasons.
