Legal21 Mar 2026, 03:41 pm
Gala Global Products Ltd. Receives Demand Notice from HDFC Bank under SARFAESI Act for Rs. 6.5 Crore Recovery
AI Summary
Gala Global Products Ltd. has received a Demand Notice dated 16th March 2026 from HDFC Bank Limited under Section 13(2) of the SARFAESI Act, 2002 for the recovery of secured debt amounting to Rs. 6,50,61,657.49 plus interest accrued. The Company intends to discharge the entire liability within the statutory period of 60 days and has proactively approached HDFC Bank Limited with a comprehensive repayment plan.
Key Highlights
- Demand Notice received from HDFC Bank Limited under Section 13(2) of the SARFAESI Act, 2002
- Outstanding dues of Rs. 6,50,61,657.49 plus interest accrued
- Company intends to discharge the entire liability within the statutory period of 60 days
- Proactive approach by the Company with a comprehensive repayment plan
- No current impact on the day-to-day operations of the entity