Indiabulls May Seize Yes Bank Founder’s Properties

Yes Bank co-founder Rana Kapoor and his family-owned firms purchased marquee properties in south Mumbai, including a two-storey building on Altamont Road and three duplexes in an under-construction luxury tower at Nepean Sea Road. Now, three months after his arrest by the enforcement directorate in a money-laundering case, Indiabulls Housing Finance and Indiabulls Commercial Credit Ltd have threatened to taken possession of the properties. The loan default against these Mumbai properties is about Rs 650 crore. Rana kapoor and their family-controlled firms mortgaged these upscale properties in lieu of loans from Indiabulls. The total outstanding balance to be paid back by the Ranas to Indiabulls is around Rs 1,200 crore.  Early this week, Indiabulls issued a public notice, stating that the borrowers had failed to maintain financial discipline towards their loan. Asking the Ranas to pay up within 60 days, Indiabulls said it will be entitled to take possession of the mortgaged Mumbai properties after the deadline.