IFCI sends notice to 10 defaulting cos

Armed with the securitisation ordinance, IFCI has slapped notices on 10 loan defaulters for virtually taking over management control of these companies and recover dues worth over 1,300 crore. ‘‘We have issued notices to 10 companies for taking over their assets. We will wait for 60 days and then appoint an intermediary for initiating sale of those assets. These defaulting companies owe us about Rs 1,300 crore’’, IFCI chairman V.P. Singh told PTI here.

He said IFCI would join other fis like IDBI and ICICI for the NPA recovery drive against wilful defaulters which have borrowed collectively from these institutions. ‘‘We have given them consent to go ahead in serving notices,’’ Singh said, indicating that the fis are all set to take management control of the defaulters if they fail to pay up.