Court threatens foreclosure of 3 houses over unpaid MVR 11 mn overdraft

Civil Court has ruled that State Bank of India would have the grounds to ask for foreclosure of three houses in Male’ over an overdraft of MVR 11 million taken by Najaah Art Palace Private Limited, if the company fails to pay the remaining MVR 9 million to the bank within the next 8 months.

Najaah Art Palace had listed H. Fiyes, Ma. Thibrose and Ma. Araahiri as collateral for the overdraft – all three houses now face foreclosure if the overdraft is not paid.

Court said that the company had listed Ahmed Najaah from M. Thibrose, Naajih Jinah, Jeehan Ahmed, Ali Jinah and Fathmath Naseer and guarantors for the overdraft. And that documents show Velabuli Alifulhu from Ma. Araahiri was also a guarantor for the overdraft.

It ruled that it had been proven to court, Najaah Art Palace had failed to pay MVR 9,707,993.35 remaining from overdraft payment to State Bank of India.

Court ordered that the company make the payment within 8 months starting from May 17. And that State Bank of India would have the grounds to ask court to permit foreclosure of H. Fiyes, Ma. Thibrose and Ma. Araahiri and all its contents if they failed to do so.