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IOB's loan recovery drive
TIRUCHI: The District Legal Services Authority and the four branches of Indian Overseas Bank jointly conducted a lok adalat at the District Munsif Court, Musiri town, on Wednesday for recovering overdue advances from the defaulting borrowers categorised as non-performing assets. A total of 178 notices was served on the borrowers and guarantors to recover about Rs. 43.17 lakhs. Over 25 borrowers participated in the meet. Based on the negotiations and compromise, 20 cases were settled and decrees and awards were passed to recover about Rs. 3.33 lakhs. Based on the award passed, 13 borrowers were chosen to remit Rs. 11,500 as their first instalment. K. S. Narashimhan and V. John Lewis, both retired district judges, A. Geetha, District Munsif, and others participated in the adalat, organised by the Musiri, Kolakudi, Kattuputhur west and Thottiam branches of the bank.
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