Sunny Deol's Juhu villa auction: Bank of Baroda issues clarification on why the auction was called off
₹56 crore dues, Bank of Baroda on Monday said the process is withdrawn due to technical reasons. 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 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 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.
Read more on livemint.com
