“Bank of Baroda Withdraws Sunny Deol’s Bungalow Auction Notice Citing Technical Reasons and Reveals Settlement Talks”
In a recent development, the state-owned Bank of Baroda has announced the withdrawal of the auction notice for Bollywood actor and Bharatiya Janata Party (BJP) Member of Parliament, Sunny Deol’s bungalow located in Mumbai’s affluent Juhu area. The bank cited technical reasons for the withdrawal and stated that it followed the normal industry practice.
In a recent development, the state-owned Bank of Baroda has announced the withdrawal of the auction notice for Bollywood actor and Bharatiya Janata Party (BJP) Member of Parliament, Sunny Deol’s bungalow located in Mumbai’s affluent Juhu area. The bank cited technical reasons for the withdrawal and stated that it followed the normal industry practice.
The decision to withdraw the auction notice was shared by the bank in a statement released today. According to the bank, the auction notice was issued based on symbolic possession of the property, following Rule 8(6) of The Security Interest (Enforcement) Rules 2002. It was clarified that the bank had also applied for physical possession of the property, with a pending permission request submitted to the Chief Metropolitan Magistrate on August 1, 2023.
Moreover, the bank revealed that Sunny Deol has approached them to settle the dues related to the property. The actor’s response was in accordance with the Sale Notice published on August 20, 2023. As per the Sale Notice, borrowers or guarantors have the option to redeem the securities by paying the outstanding dues, costs, charges, and expenses before the scheduled auction.
Sunny Deol’s bungalow, known as Sunny Villa, was initially scheduled to be put up for e-auction on August 25, 2023. The bank had announced that it aimed to recover a sum of ₹56 crore through the auction process. The starting bid for the auction was set at ₹51.43 crore, with a minimum bid amount of ₹5.14 crore.
The withdrawal of the auction notice comes in the wake of Sunny Deol’s default on a loan of ₹55.99 crore from Bank of Baroda since December 2022. The bank’s decision to withdraw the notice seems to have taken into account technical intricacies and the actor’s willingness to settle the outstanding dues.
It is important to note that the bank’s actions align with the provisions of the SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, which empowers banks and financial institutions to take possession of assets owned by credit defaulters without requiring court intervention.
As the situation continues to unfold, stakeholders will closely observe any further developments and the outcome of the discussions between Sunny Deol and Bank of Baroda regarding the settlement of the dues.
Sources By Agencies
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