INSUBCONTINENT EXCLUSIVE:
On the arrest of its former head Pratip Chaudhuri in relation to a loan case, SBI has cited inaccuraciesHours after its former chairman
crore loan from SBI in 2008."Garh Rajwada was a hotel project in Jaisalmer, financed by the Bank in 2007
The project remained incomplete for over three years and the key promoter passed away in April 2010," SBI said in a statement.It further
said that the account slipped into a non performing asset (NPA) in June 2010 and various steps taken by the bank to complete the project did
not yield results.Subsequently as part of the bank's recovery efforts, the account dues were assigned to an asset reconstruction company
approvals for sale to ARC were taken in January 2014 and the assignment to ARC was completed in March 2014
It transpires now that the borrower had initially filed an FIR with the state police against the sale of asset to ARC," the bank said.SBI
said after accessing the copies of the proceedings, the court do not appear to have been briefed correctly on the sequence of events."In as
much as SBI was not a party to this case, there was no occasion for the views of SBI being heard as part of these proceedings
SBI would like to reiterate that all due process were followed while making the said sale to ARC
The bank has already offered its cooperation to the law enforcement and judicial authorities and will provide further information, if any
that may be called for from their side."
