Surat Lace Maker Faces E-Auction For Failing To Repay Rs 66.74 Crore Loan 

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Surat Lace Maker Faces E-Auction For Failing To Repay Rs 66.74 Crore Loan 

| Updated: February 17, 2024 17:25

Surat: The ISARC-Canara Bank-I/2013-14 Trust has issued an e-auction sale notice for the lace manufacturing unit of Badri Lacewala, a well-known figure in the Dawoodi Bohra community. The move comes after Lacewala defaulted on a huge loan of Rs 66.74 crore taken from public sector banks, under the SARFAESI Act 2002.

Badri Lacewala and his partners Murtaza Ahmedbhai Lacewala and Zehra Lacewala of Burhani Lace, a partnership firm, were unable to repay the loan borrowed from Canara Bank. As a result, the ISARC-Canara Bank-I/2013-14 Trust has sealed Lacewala’s property in SurSEZ, located in Sachin, and announced a public e-auction for the Burhani Lace manufacturing plant.

The Trust, set up by Canara Bank, aims to recover the machinery of the lace manufacturing plant, stock of manufactured goods, and the leased property of the SEZ. The authorized officer of ISARC, appointed for loan recovery, has started the auction process, valuing the property based on its current condition. Two officers, Rajeshwar Raghavan and Dharmesh Mehta, have been assigned to oversee the recovery of the outstanding debt of Rs. 60.74 crore as of February 13, 2023. Earlier attempts to auction the property on January 22, 2024, failed due to lack of creditor participation.

However, ISARC – Canara Bank has fixed the reserve price of the factory building at Rs. 1.34 crore and plant machinery at Rs. 13.26 lakh, totaling Rs. 1.47 crore. The auction will follow the government rules applicable to the SEZ, where the property is located. The development has drawn attention not only because of its financial implications but also because of Badri Lacewala’s status within the Dawoodi Bohra community in Surat. Lacewala is known for his close ties with community leader Dr. Syedna Muffadal Saifuddin, and has the privilege of driving Saifuddin’s car during his visits to Surat.

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