Officials from Canara Bank's Specialized ARM Branch, Guwahati, along with revenue officials and local police personnel, after taking physical possession of the mortgaged property.
Nagaon (Assam), July 9 (MExN): Canara Bank has taken physical possession of a mortgaged property belonging to M/s Chowdhury Rice Mill at Kissam-Hatipara, Mouza Pakhimoria, under Sadar Revenue Circle in Assam's Nagaon district, after the borrower allegedly defaulted on a loan.
According to a press release issued by the bank, the action was carried out by its Authorised Officer, Rishabh Raj of the Specialized Asset Recovery Management (ARM) Branch, Guwahati, with the assistance of district authorities, revenue officials and local police personnel.
The bank stated that the loan had been sanctioned to M/s Chowdhury Rice Mill, owned by proprietor Shabnam Ahmed, through its Nagaon Branch for establishing a rice mill. Owing to continued non-payment of dues, the loan account was classified as a Non-Performing Asset (NPA) on March 26, 2025.
The release said the borrower failed to regularise the account despite repeated reminders, prompting the bank to initiate recovery proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
Following permission from the district administration, bank officials, accompanied by revenue authorities and police personnel, took formal possession of the mortgaged property, which was subsequently sealed and locked, the release stated.
Canara Bank has urged the borrower to clear the outstanding dues, stating that failure to do so would result in further action under the provisions of the SARFAESI Act and other applicable legal procedures in accordance with banking regulations.
