Developer’s Properties Seized By Court In Loan Default Of Over ₹200cr, ET RealEstate

October 3, 2023

MUMBAI: A court-appointed court commissioner took symbolic possession of developer Jayesh Tanna’s properties in Borivli, Andheri, Goregaon, south Mumbai and Kandivli under The Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for a loan default of more than Rs 200 crore.

In the case of symbolic possession, the secured debtor is put under mental pressure to clear the dues, and banks are not in physical possession of the properties.

The 3rd Additional Chief Metropolitan Magistrate MRA Shaikh appointed a team of nine lawyers as court commissioners and directed them to take possession of Tanna’s properties of SSSC Escatics Private Limited formerly known as Sai Siddhi Developers.

The other proprietors include Jayesh Tanna, his wife Heena Tanna, son Vivek Tanna and kin Deep Tanna. Jayesh Tanna, who is lodged in Arthur road jail, has been booked in around 9 offences registered all over Mumbai. Police said that in most of these cases, Tanna and his kin have allegedly sold flats to third parties.

The Assets Care and Reconstructions Enterprises (ACRE) established under the Act had filed an application before the court for the seizure of the Tanna’s properties as he had defaulted on a loan of Rs 200 crores.

Advocate Sunil Pandey, one of the court commissioners, said that Tanna’s men were not allowing them to take the possession of the property/flat. “There were hurdles created by Tanna’s people who locked the lift, shut off the electricity connection and denied entry. However, we completed the process of symbolic possession,” said Pandey.

  • Published On Oct 3, 2023 at 09:20 AM IST

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