MCA payment defaults lead to bank takeover of cricket stadium in Pune

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A consortium of banks has taken over the possession of the international cricket stadium in Pune as the Maharashtra Cricket Association has defaulted in making their payments. He “symbolic takeover”, however, will not affect the cricket activities at the state-of-the-art complex, the Maharashtra Cricket Association secretary has reportedly confirmed.

The possession notice published in Marathi daily Loksatta by the Bank of Maharashtra states that the bank has taken “symbolic possession” of the Maharashtra Cricket Association international stadium at Gahunje on November 2. The bank had no choice but to take over the stadium since the MCA has failed to repay the dues of ₹69.53 crore to four banks – Bank of Maharashtra, Karnataka Bank, Bank of Baroda and Andhra Bank.

The consortium, led by the Bank of Maharashtra, had in August served a 60-day notice to the MCA to clear its dues, states the notice. As the State cricket body failed to make the payments, the banks on Friday enforced a “symbolic possession” of the property.

The notice has also dissuaded the general public from indulging in any transactions with the MCA, waring that all the payments made to the State cricket association will go to the banks towards settlement of the loan accounts.

Meanwhile, MCA secretary Riyaz Bagwan has said cricket activities will not be disrupted at the Pune Stadium at Gahunje.

“Today only I have got it clarified by the bank officials that the cricket activities will not be disrupted at all since it’s a notional possession,” national daily Hindu has quoted the MCA secretary Bagwan as saying. “They (the banks) have said they will not let any of Maharashtra’s matches or training session be hampered all through the season.”

The MCA has faced a fund crunch leading to payment defaults after the Sahara India Group had moved out of its ten-year, ₹ 215 crore sponsorship deal with the State cricket body.

The MCA, meanwhile, is asking the BCCI CoA to release the funds to the State body.

MCA, meanwhile, is confident of resolving the issue.

“We need to pay about ₹17.16 crore immediately to upgrade from NPA status to standard account. We have already raised ₹4.5 crore through gate money and in-stadia rights for the ODI. I have urged the Supreme Court-appointed Administrators of the BCCI to help us with the remaining shortfall of about ₹13 crore,” Bagwan said.

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