LIC Housing Finance has taken possession of Orbit Corporation’s 25,670-square feet property in Lower Parel area of Mumbai after it defaulted on its loan. Orbit Corporation had taken a loan of Rs 95 crore. The company’s MD Pujit Agarwal and chairman Ravikiran Agarwal were guarantors for the loan.
LIC Housing Finance is the second largest housing finance player in India. It has one of the widest networks of over 205 offices across the country and representative offices at Dubai & Kuwait.