Vijaya Bank (Lead Bank) has initiated the process of e-auction of Prakash Steelage properties held as collateral.
Last year, the company had received a fresh Notice under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 from its Lead Bank, Vijaya Bank. The letter intimated receipt of SARFAESI notice & symbolic possession of the collateral properties by Vijaya Bank.
Prakash Steelage is engaged in manufacturing and trading of stainless steel tubes and pipes. The Company produces pipes and tubing in stainless steel, duplex, titanium and other high nickel alloy tubing.
