NEW DELHI: The Punjab National Bank has reportedly taken over the property of Laxmi Public School, a senior secondary private institution in east Delhi’s Karkardooma, for defaulting on repayment of a loan of Rs 3.78 crore.
The premises of the school were locked on April 15 by the bank and a notice was put up that announced the takeover. The school, which has over 1,000 students, sent a note to parents stating, “Please note that the school will remain closed for the next three days i.e., from April 17 to April 19 due to unavoidable reasons.
The classes will be conducted online as per the timetable. Students are requested to attend their classes online and contact their class teacher in case of any issues. The remaining compartment exams will be rescheduled and the new schedule will be informed shortly.”
As per the official notice issued by Punjab National Bank, the school was asked to repay a total of Rs 3,78,68,800 with the interest on November 1, 2022. The school property has been taken over based on the Security Interest Economic Rules 2002. The order for the takeover was given by the Karkardooma court as well as the Debt Recovery Tribunal (DRT).
The school had moved the DRT, stating that the bank had illegally declared the school a non-performing asset. The DRT order, however, stated, “The applicant will hand over the peaceful possession of the property in question after April 5, 2023, to the respondent bank.”
Premises of school were locked on April 15
The premises of the school were locked on April 15 by the bank and a notice was put up that announced the takeover. The school, which has over 1,000 students, sent a note to parents stating, “Please note that the school will remain closed for the next three days i.e., from April 17 to April 19 due to unavoidable reasons.