Bank of Baroda cites 'technical' reasons for withdrawing Sunny Deol’s property auction notice
Bank of Baroda claimed two major "technical" reasons for withdrawing the auction notice for actor-cum-parliamentarian Sunny Deol's Mumbai property.
It had earlier withdrawn the sale notice claiming "technical reasons" earlier in the day.
“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. An application has been made for physical possession by the Bank with the Chief Metropolitan Magistrate on 01st August’2023, which is pending permission,” a Bank of Baroda spokesperson stated.
“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,” the spokesperson further said.
Meanwhile, the bank stated that the borrower has approached the lender to settle the dues in accordance with the sale notice issued on Sunday, “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The sale notification is withdrawn for these reasons, as is normal industry practice in other cases, according to the spokesperson.
The state-owned bank planned to auction off the property held by actor and BJP MP Sunny Deol in order to recover Rs 56 crore.
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- With inputs from agencies
