Banks take physical possession of 5-Star hotel Park Plaza

Chandigarh: Following the orders of UT DC, the Banks take physical possession of 700 crore worthPARK PLAZA HOTEL, on Friday. However, hotel has to pay Rs 130 crore to banks. Meanwhile, all the 60 rooms vacated and sealed the hotel.

Deputy Commissioner Ajit Balaji gives order to Punjab National Bank to Confiscate the property of 5 star hotel Park Plaza. The hotel authorities took a loan of rupees 115 crore from the PNB bank and was unable to repay the loan till 24 August 2016 as per the agreement.

After the orders given by the DC, theHOTEL staff members gathered outside the main entrance to safe guard the hotel. Chandigarh Police has also reached the spot to control the situation.