IMPHAL, Sept 6: Bank of Baroda Imphal branch has taken initiative to take stern action against the defaulting borrowers. They have also started filing Debt Recovery Tribunal(DRT) cases in Imphal and also conducted several Lok Adalats.The Imphal branch of the bank started taking action under secularization and reconstruction of financial assets and enforcement of security interest Act 2002(SERFAESI Act). As the bank is in the process of attachment of salaries of borrowers and guarantors, the bank shall observe special recovery period under SANKALP 4 from September 9 to 16 at its Imphal branch.The defaulting borrowers may avail the opportunities for amicable settlement of their account at the earliest according to an official of the Bank of Baroda Imphal. Last month, the bank’s Imphal branch has taken possession of one such property worth more than Rs 10 lakhs from an individual in Imphal east district as part of the new initiative which was taken up under SERFAESI Act 2002.
