STATE TIMES NEWS
JAMMU: Jammu and Kashmir Government on Tuesday slapped a recovery notice of Rs 220 Crore to an industrialist of Samba. According to reliable sources, the government is likely to seal the factories and other properties of the industrialist. In order to make recoveries, the government and banks have speeded up the process to recover the loans by tightening the noose around the defaulters.
Last week, a joint team of police and revenue officials had sealed the Hotel 17 Miles and handed over its possession to the management of Punjab and Sind Bank following recovery.
The owners had failed to repay the loan and the bank had approached the court to get the hotel sealed and take its possession.