India, April 5 -- The Esplanade Metropolitan Magistrate Court recently appointed a court commissioner to take over a large chunk of land at Nahur belonging to Nirmal Lifestyle Developers and Nirmal Lifestyle Malls to recover an outstanding loan of Rs.1,179.41 crore

Chief judicial magistrate Archana K Mandavgade appointed advocate Pratik Surti as court commissioner to take possession of the properties, which together span about 193,000 sq.m. The land will be handed over to Phoenix ARC, an asset reconstruction company, a company that specialises in buying non-performing assets or "bad loans" and then recovering the money.

The court directed the commissioner to give a 15-day advance notice to all concerned parties before taking possession ...