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