IDBI takes over assets of loan defaulting Unicorp unit

Gurgaon, Oct 23 (UNI) The assets of defaulting unit of Unicorp Industries Limited here were today taken over by the Banks towards whom the loan repayment of over Rs 80 crore was due.

As per the available information, the Unicorp Industries situated in plot no. 242 and 243 of phase IV, Udyog Vihar, Gurgaon had raised a loan against its assets from IDBI bank and Pegasus Assets Reconstruction Pvt. Ltd. Mumbai.

When the loan amount was not repaid by the loanee unit, the bank filed a case in Delhi High Court for recovery of the amount pleading that as on July 31, the outstanding amount towards the unit was more than Rs 80 crore.

The Delhi High Court passed an order in favour of the bank and an official liquidator was also appointed to take care of the interests of the workmen employed in the unit.

UNI XC JN MMS1900