Kallam Textiles Ltd. Receives Notices of Sale from Union Bank of India under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002

Kallam Textiles Ltd. has received notices of sale from Union Bank of India under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. The notices were sent with respect to notices of sale under rule 8 and 9 of the Security Interest (Enforcement Rules), 2002. The bank has caused a notice calling upon the company to pay the dues within the stipulated time. As the company failed to comply with the notice, the bank has taken constructive possession of the immovable secured assets. The sale of the immovable properties will be conducted on 'as is where is', 'as is what is', and 'whatever there is' basis on 30.03.2026. The reserve price for the properties is set at INR 51,00,00,000.00 for Property No.1 (Land & Building Constructed thereon) and INR 52,50,00,000.00 for Property No.2 (Plant & Machinery). The earnest money deposit for the properties is set at INR 5,10,00,000.00 for Property No.1 and INR 5,25,00,000.00 for Property No.2.