Mohali, Oct. 19 -- (Blurb) Default since 2021, bank informs Mohali court; next hearing on Oct 30

Punjab National Bank (PNB) has moved the court of the chief judicial magistrate in Mohali seeking possession of the Universal Group of Institutions campus in Ballopur village, Lalru, over an unpaid Rs.77.29 crore loan since 2021. The next hearing is scheduled for October 30.

The bank's application, filed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, seeks physical possession of 12 properties mortgaged by the Universal Educational Society, which runs the campus. The assets include nearly 68 bighas and 14 biswas of shamlat (common) land belonging to the Ballopur gram ...