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HC restrains sale of GEAR trust's assets after loan default
Mint Mumbai
|February 20, 2024
The Bombay High Court has restrained Gifted Foundation (GEAR) from disposing of its assets after the education trust defaulted on a ₹35-crore loan from Axis Finance, a non-banking subsidiary of private lender Axis Bank.
In its plea, Axis Finance sought the court's urgent intervention to "protect and preserve" the outstanding loan amount, pending the hearing and final disposal ofits arbitration petition. The bank had filed the arbitration petition after the Bengaluru-based education trust defaulted on its dues in September.
Dit verhaal komt uit de February 20, 2024-editie van Mint Mumbai.
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