Deol seeks to settle dues, BoB drops auction

livemint.com:

Bank of Baroda (BoB) on Monday said Sunny Deol has approached the bank to settle dues, a day after the state-owned lender advertised a proposal to sell his Juhu property, to recover ₹56 crore. The bank had set 25 September as the e-auction date, bids for which, it said in a notice on Sunday, were to be submitted by 5 pm on 22 September. As per the notice, the bank had fixed the reserve price for the auction at ₹51.43 crore and an earnest money deposit of ₹5.14 crore.

“In the meantime, the borrower has approached the bank for settling the dues as per the sale notice published on 20 August, where the borrower/guarantors were notified that they are entitled to redeem the securities by paying the outstanding dues, costs, charges and expenses any time before the sale is conducted," a BoB spokesperson said. On Monday, the bank published a notice in newspapers stating that the notice published on Sunday stands withdrawn due to “technical reasons". Subsequently, BoB issued a statement explaining these “technical reasons".

“First, the total dues did not specify the exact quantum of dues to be recovered," it said. “Second, the sale notice was based on a symbolic possession of the property as per Rule 8(6) of Security Interest (Enforcement) Rules 2002," the statement reads. BoB also said it has made an application for physical possession of the property with the chief metropolitan magistrate on 1 August, which is pending before the court.