Sunny Deol Bungalow Auction: After withdrawing the process to auction a villa owned by Gadar 2 actor and sitting BJP MP Sunny Deol, Bank of Baroda on Monday shared two reasons why it has decided to call off the process. The bank said the “technical reasons” were that the “total dues did not specify the exact quantum of dues to be recovered” and, secondly, the sale notice was “based on a symbolic possession of the property”.
A Bank of Baroda spokesperson said, “The technical reasons mentioned in the withdrawal of the sale notice published on August 21, 2023 are: First, the total dues did not specify the exact quantum of dues to be recovered. Secondly, the sale notice was based on a symbolic possession of the property as per Rule 8(6) of The Security Interest (Enforcement) Rules 2002.”
The spokesperson said an application has been made for physical possession by the bank with the Chief Metropolitan Magistrate on August 1, 2023, which is pending for permission. “Since the unit is running as conveyed to us by the borrower, sale action will be initiated as per the provisions of the SARFAESI Act, once the physical possession is taken.”
In the meantime, the borrower has approached Bank of Baroda for settling the dues as per the sale notice published on August 20, 2023, where the borrower/guarantors were notified that they are entitled to redeem the securities by paying the outstanding dues/costs/charges and expenses at any time before the sale is conducted, the spokesperson said.
“Accordingly, the sale notice is withdrawn as per the normal industry practice followed in other cases as well,” the spokesperson said.
In a public notice on Sunday, Bank of Baroda had said it would e-auction ‘Sunny Villa’ in the Juhu area of the city on September 25. The reserve price of Rs 51.43 crore was fixed for the auction by Bank of Baroda, which has attached the property. It had also fixed an earnest money deposit of Rs 5.14 crore.
However, a day later, on Monday (August 21), Bank of Baroda said the e-auction notice published on August 20 stands withdrawn due to “technical reasons”.
The Gurdaspur MP has been in default on a Rs 55.99 crore loan from Bank of Baroda since December 2022. Sunny Deol’s latest movie Gadar 2 is a box office success having already grossed over Rs 300 crore since the release last week.
Reacting to the development, Sunny Deol is a statement said, “We are in the process of resolving this issue and the issue will be resolved. We request for no further speculation on the same.” The statement came shortly after Akshay Kumar’s team clarified that he did not help Sunny with relieving the loan.
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