Bank's eviction notice illegal, flat owners not at fault: Experts
Union Bank of India's move to send eviction notice to flat owners, who were not at fault, of a residential society here was incorrect and illegal, said real estate and legal experts on Wednesday.
The state-run bank had on August 5 asked around 200 families living in Gardenia Gateway society in Sector 75 of Noida to evict premises by August 20 because the project's builder, Gardenia India Limited, had defaulted in payment of its Rs 78.45 crore loan to the bank.
Realtors and legal experts criticised the Union Bank of India's move to slap eviction notices on flat owners, even as the state-run bank on Wednesday rolled back its notices in the wake of the hue and cry they triggered.
"We have withdrawn all the notices. The matter has been resolved," the bank's Managing Director and CEO Rajkiran Rai G said in Mumbai on Wednesday.
The plot was mortgaged with the bank by the builder for a construction loan worth Rs 78 crore.
Since the builder failed to repay the loan, the bank's branch in Delhi