State-owned Janata Bank has announced the auction of 2,971 decimals land belonging to聽S Alam Refined Sugar Industries to recover default loans.
According to an auction notice published in a daily newspaper on Monday, the company owes over Tk聽1,777 crore to the bank. The loan is recorded at the Sadharan Bima Corporation Branch of Janata Bank in Chittagong.
The notice stated, 鈥楾he loan has become default as per the terms of the sanction letter due to non-payment despite repeated demands. It has become essential to sell the scheduled property mortgaged to the bank as collateral to recover the dues.鈥�
The auction is scheduled to take place on January 23, 2025.
As per banking laws, the bank will attempt to recover the dues by auctioning the land first. If the auction is unsuccessful, other methods will be used to adjust the unpaid loans.
This is not the first time Janata Bank has auctioned properties of S Alam Group to recover defaulted loans.
On November 20, the bank auctioned 1,860 decimals of land belonging to Global Trading Corporation, a subsidiary of S Alam Group, to recover Tk 1,850 crore.
The loan for this property was also issued by the Sadharan Bima Corporation Bhaban Corporate Branch of Janata Bank in Chittagong, where the auction was conducted.
The controversial S Alam Group took over more than Tk聽11,000 crore from Janata Bank in anonymous names. Now, these loans are being turned into bad loans.
