Thu Nov 21 14:03:59 UTC 2024: ## Police Intervene as Bank Attempts to Seize College Property Over Loan Default

**KOCHI, November 21, 2024** – A tense standoff at the Sree Narayana Guru Institute of Science and Technology (SNIGST) in Manjali, near North Paravur, was averted Thursday after the college agreed to a partial loan repayment. Kotak Mahindra Bank Ltd. had attempted to seize the property, citing a significant loan default under the SARFAESI Act. This was the bank’s third attempt to acquire the property.

A heavy police presence was deployed on campus to prevent potential resistance from students and staff. The institute, established by the Guru Deva Trust, originally borrowed ₹4 crore in 2014. Due to non-payment, the outstanding amount had ballooned to approximately ₹19 crore.

Following negotiations, SNIGST chairman V.P. Asprasad announced an immediate repayment of ₹1 crore and a commitment to pay an additional ₹50 lakh within three months. The institution is also exploring handing over management to address the substantial debt. The bank’s attempt to seize the property was temporarily halted following this agreement.

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