The Debt Recovery Tribunal (DRT), Cuttack has issued a direction to auction the properties of the Seven Hills Pvt ltd of Brahmapur after hearing the complaint filed by the Andhra Bank Jagannathpur branch.
The Seven Hills Pvt ltd in 2011 had taken loan of Rs 6, 09, 00,000 from the branch office. But even after repeated notice to the organisation, it did not respond.
As the organisation failed to pay Rs 10, 90, 00,000, the bank had filed an petition and the DRT directed to auction the land at Hilpatna and Golanthara of the firm.
The property would be sold through E-auction on June 20. The decision of the DRT has elated the investors of the company.
