Union Bank Withdraws Eviction Notice Sent to Noida Flat Owners

The Union Bank of India on Wednesday withdrew eviction notices sent to flat owners in Noida.

The bank in a statement on Wednesday said that they have initiated steps to withdraw the notices immediately.

“The intimation was served by Union Bank of India, Asset Recovery Branch, on 5.08.2019 to the few of the flat owners in Tower “D” at GH09, Eco City, Sector Noida, stating that the bank is contemplating Recovery action against the builder only and not against the flat owners. Therefore, we have initiated steps to withdraw the notices immediately,” read the statement.

Over 200 families living in Noida's Gardenia Gateway housing society since 2015. Some residents had received notices on August 5 to vacate the houses by August 20, after the developer, Gardenia India Ltd, failed to pay a loan of Rs 78.45 crore.

Notices were sent by the Union Bank of India on August 5 to the residents of the society which is located in sector 75 of Noida. The notice read that Gardenia India Ltd, the housing developer, had taken the loan on December 31, 2015, and failed to make the repayment.

According to report in Moneycontrol, residents who had received eviction notices from the bank have said that both the bank and the developer should “apologise for the harassment caused.”

“This is to inform that inmmoveable property at group housing project at plot number GH 09 Sector 75 Eco City Noida, District Gautam Budha Nagar having area of 20,000 sq m is mortgaged as security for the repayment of credit facilities provided to Ms Gardenia India Ltd to the tune of Rs 78,45,22,970 as of Dec 31, 2015 and interest thereon.

“Since the borrower has defaulted in payment of the said amount, we have initiated action under Securitisation of Financial Assets and Enforement of Security Interest Act, 2002… since we are in the process of enforcing the above mentioned security under the Securitisation of Financial Assets and Enforcement of Security Interest Act, 2002 , we request you to vacate the premises within 15 days from the receipt of the notice to avoid any inconvenience,” the notice had said.