Central Bank of India has issued a public notice of default against Unitech for defaulting on payment of a loan installment to the tune of Rs 38.53 crore. The bank said that despite repeated demands, the borrower failed to make any payment after October 1, 2015. As on November 18, 2015, the borrower is liable to pay a sum of Rs 38.52 crore with further interest with effect from November 19, 2015, and other expenses/costs to the bank. According to Unitech, it has already repaid Rs 264 crore out of the Rs 300-crore taken as loan. The company expects to repay the outstanding amount within a short span of time.
Unitech, one of the leading real estate companies, has several business segments relating to residential, commercial, Information Technology (IT) parks, retail, amusement parks, etc, with over four decades of achievement and continues to be a prominent player with high degree of quality and affordable real estate in the Indian market space.
