Yes Bank acquires possession of ADAG building on loan default case

Private lender Yes Bank has taken possession of Reliance Centre, the headquarters of the Anil Dhirubhai Ambani Group (ADAG) in Mumbai, said media reports on July 29, citing advertisement by the bank in a newspaper.

Yes Bank

Reportedly, the bank took possession of the more than 21,000 sq ft headquarters in Santacruz, Mumbai and also two floors in Nagin Mahal in South Mumbai. The possession of the building was reportedly carried out on July 22 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFESI).

Also Read: RBI caps Yes Bank’s withdrawal limit at Rs 50000

As per reports, Anil Ambani group has a total loan exposure of Rs 12,000 crore to Yes Bank. The lender proceeded to take possession of the ADAG building after the group could not repay dues of Rs 2,892 crore.

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