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IDBI cracks the whip

Mumbai, Dec. 13 (PTI): After State Bank and ICICI Bank, IDBI today said it will take possession of three companies’ assets, including that of a petrochemicals major, and has slapped 31 notices to recover loan dues of over Rs 1,000 crore.

“We will initiate steps to take possession of assets of three companies in 21 days, including one petrochemicals plant and a sugar unit,” IDBI chairman and managing director P. P. Vora said in Mumbai. So far, 31 notices have been slapped on defaulting companies. IDBI will take further steps based on assessment of their operations and market value of the assets, he said.

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