SSSC Escatics properties seized by court in loan default of over Rs 200 crore

Dated on: Tuesday 3rd October 2023

A court-appointed commissioner has taken symbolic possession of properties owned by developer Jayesh Tanna in various Mumbai locations, including Borivli, Andheri, Goregaon, south Mumbai, and Kandivli, due to a loan default exceeding Rs 200 crore under The Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Symbolic possession is a tactic to pressure the debtor to clear the dues without banks physically taking control of the properties.