Cre­ative Home Fash­ions Ltd. de­clared ‘sick’; owes Rs. 77 cr. to the bank!

Apparel Online - - Industry Wire -

One more tex­tile-based com­pany is be­ing named in the on­go­ing NPA (Non-Per­form­ing As­sets) buzz. As per the re­port of NewsX, the com­pany – Cre­ative Home Fash­ions – owes Vi­jaya Bank Rs. 77 crore and has now been clas­si­fied as an NPA. This Delhi-based gar­ment re­tailer al­legedly de­faulted on mul­ti­ple loans, one af­ter the other, and de­spite that, it kept se­cur­ing new loans ev­ery pass­ing year.

“Vi­jaya Bank had called for an auc­tion ev­ery year between 2013 and 2016; each of the 4 no­tices men­tions Cre­ative Home Fash­ion Pvt. Ltd. as the bor­rower and each no­tice has listed out dif­fer­ent prop­er­ties for auc­tion. The auc­tion no­tice from 2013, listed one prop­erty, in­clud­ing a fac­tory with two build­ings with a reserve price of Rs. 13 crore, whereas the bank was aim­ing to claim Rs. 50 crore. Sim­i­larly, the no­tice from 2014 listed the same prop­erty, this time at a reserve price of Rs. 9 crore,” the re­port says.

Ap­parel On­line could not con­tact the com­pany for its com­ment.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.