The auction notice for actor and BJP MP Sunny Deol's bungalow in Mumbai's Juhu was withdrawn due to technical reasons "as per the normal industry practice followed in other cases as well", the state-owned Bank of Baroda said today, and revealed the actor has approached the bank to settle dues.
The total dues in the notice did not specify the exact quantum of dues to be recovered, the bank said.
The notice was based on a symbolic possession of the property, and the bank has applied for physical possession, it said.
"...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 for permission," the bank's statement posted on X, formerly Twitter, said.
Sunny Deol has told the bank that the property is in use, so the sale will be initiated as per the provisions of the SARFAESI Act, which empowers banks and financial institutions to take possession of assets/properties of credit defaulters without court intervention.
"In the meantime, the borrower has approached the Bank for settling the dues as per the sale notice published on 20th August 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 notice said.
Mr Deol's property was put on the block on Sunday by Bank of Baroda to recover Rs 56 crore through an e-auction to be held on August 25. The Gurdaspur MP has been in default on a Rs 55.99 crore loan from Bank of Baroda since December 2022.
"Corrigendum to e-auction notice with regards to sale auction notice in respect of Mr Ajay Singh Deol alias Mr Sunny Deol stands withdrawn due to technical reasons," the Bank of Baroda said in a statement today.
The bank had said on Sunday that the auction of the Juhu property known as Sunny Villa would commence at Rs 51.43 crore. The minimum bid amount was set at Rs 5.14 crore.
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