Report Wire - To get better Rs 148-cr unhealthy loans, banks to public sale Great Indian Tamasha Co belongings

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To get better Rs 148-cr unhealthy loans, banks to public sale Great Indian Tamasha Co belongings

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To recover Rs 148-cr bad loans, banks to auction Great Indian Tamasha Co assets

IDBI Bank has placed on sale properties of Great Indian Tamasha Company Ltd, which is the company guarantor of Great Indian Nautanki Company, to get better defaulted loans, or non-performing belongings (NPAs), price over Rs 148 crore taken from IDBI Bank, HDFC Bank and Bank of Baroda.

The immovable properties, which can be bought by an e-auction subsequent month, are positioned in Karnataka’s Kodagu district, based on a public discover issued by IDBI Bank. Great Indian Nautanki Company owes IDBI Bank Rs 86.48 crore, HDFC Bank Rs 6.26 crore and Bank of Baroda Rs 49.23 crore. “The dues of IDBI Bank outstanding as of May 1, 2022, stand at Rs 92.69 crore plus interest thereon with effect from May 2, 2022,” the discover stated.

The guarantors and administrators of the corporate had been Anumod Sharma, Anu Appaiah, Sanjay Choudhry, Viraf Sarkari, SG Investments, Great Indian Tamasha Company and Wizcraft International Entertainment Pvt Ltd, the discover stated.

“IDBI Bank invites bids/offers in sealed covers for sale of the property of Great Indian Tamasha Company (corporate guarantor of Great Indian Nautanki Company) under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,” the lender stated.

IDBI took possession of the property on May 20, 2022. The property is located at Peroor village of Kodagu district, measuring a complete of 107.24 acres. The e-auction will happen on July 27, 2022, and the final date of submission of bids is July 22. The sale of the secured belongings for which the reserve worth has been mounted at Rs 11.53 crore can be on “as is where is basis”, “as is what is basis”, “whatever there is basis” and “no recourse basis” on behalf of the secured collectors.

Great Indian Nautanki Company was arrange in September 2007 with a registered workplace in Delhi. It’s an operator of leisure venues and exhibits meant to advertise Indian tradition and performing arts. The firm’s exhibits embody kingdom of desires, nautanki mahal and tradition gully. Great Indian Tamasha Company, arrange in January 2008, is classed as a non-govt firm with an authorised share capital of Rs 2 crore and its paid-up capital is Rs 2 lakh. Anumod Sharma and Sanjay Choudhry are administrators of each the businesses.

The sale of the secured belongings for which the reserve worth has been mounted at Rs 11.53 crore can be on “as is where is basis”, “as is what is basis”, “whatever there is basis”, and “no recourse basis” on behalf of the secured collectors — IDBI Bank, Bank of Baroda and HDFC Bank.