Court allows Apex Bank to take physical possession of sugar factory

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A local court has issued orders enabling the Apex Bank to take physical possession of Malaprabha Cooperative Sugar Factory in Bailhongal of Belagavi district for non-repayment of over ₹153 crore loans.

The Senior Civil Court and Chief Judicial Magistrate Court has upheld the plea filed by the Apex Bank seeking physical possession of the factory. The bank had already taken constructive possession of the factory in September last year.

The factory has failed to settle its long-term dues running into ₹153.23 crore taken from the Apex Bank. A notice was served in July last year. Constructive possession was obtained in September. But the loans remained unsettled. The bank moved the court in Belagavi that issued the orders recently, Cooperation Department sources said.