PANAJI
A team of senior officials from EDC (Economic Development Corporation of Goa) met IDBI recently to discuss how to go about on bad loans jointly given by these two entities to Impala Distillery & Brewery.
Impala Distillery & Brewery owes Rs 12.5 crore to both EDC and IDBI. However, this loan has turned out to be a non-performing asset (NPA) and therefore both EDC and IDBI have to find ways to recover it.
S V Vernekar, managing director, EDC said, "Of the Rs 12.5 crore, Impala Distillery & Brewery owes Rs 7.5 crore to EDC and balance Rs 5 crore to IDBI. We have given our consent to IDBI to act like a prime lender in this case and decide the course of action. The
company had mortgaged its factory and premises for
the loan."
It is also reported that IDBI wants to take over Impala Distillery & Brewery's mortgaged property under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), but has not been able to do so.
Impala Distillery & Brewery is famous in Goa for its popular brand of beer called ‘Kings'. Sometime back, the company sold the brand Kings to Viiking Ventures, which belongs to Sachiin Joshi.
Regardless of the sale of Kings beer, loan given to Impala Distillery & Brewery by EDC and IDBI still remains unpaid.
A team of senior officials from EDC (Economic Development Corporation of Goa) met IDBI recently to discuss how to go about on bad loans jointly given by these two entities to Impala Distillery & Brewery.
Impala Distillery & Brewery owes Rs 12.5 crore to both EDC and IDBI. However, this loan has turned out to be a non-performing asset (NPA) and therefore both EDC and IDBI have to find ways to recover it.
S V Vernekar, managing director, EDC said, "Of the Rs 12.5 crore, Impala Distillery & Brewery owes Rs 7.5 crore to EDC and balance Rs 5 crore to IDBI. We have given our consent to IDBI to act like a prime lender in this case and decide the course of action. The
company had mortgaged its factory and premises for
the loan."
It is also reported that IDBI wants to take over Impala Distillery & Brewery's mortgaged property under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), but has not been able to do so.
Impala Distillery & Brewery is famous in Goa for its popular brand of beer called ‘Kings'. Sometime back, the company sold the brand Kings to Viiking Ventures, which belongs to Sachiin Joshi.
Regardless of the sale of Kings beer, loan given to Impala Distillery & Brewery by EDC and IDBI still remains unpaid.
