Film director gets time to repay loan
The High Court on Tuesday allowed film director S V Rajendra Singh Babu time till the first week of October to pay the money he owes the State Bank of India.
In 2007, the director had borrowed Rs 1.3 crore from State Bank of India. His house worth several crores in R T Nagar and a cheque for Rs 1 crore was the collateral for the loan.
Rajendra Singh paid Rs 30 lakh to the bank in two installments, but failed to pay the rest of the loan. Unable to collect the amount, the SBI which had added interest to the principal amount attempted to sell his residence in R T Nagar to collect the amount, but the High Court had stayed the auction.
The counsel for the petitioner submitted that the director was releasing three films in the first week of October and would repay the loan with the money collected after the release.
