Renowned public sector bank Union bank of India has issued a public notice mentioning that they want to sell properties of Indus Projects Limited and its promoters after they failed to pay the dues. The reserve price for the auction of the property situated in the prime location is set at Rs.104.11 crore, which will be auctioned on June 20.
The property is located in a posh locality of Mumbai, where the buyer of the property will get Sara Ali Khan, Arjun Kapoor and Shatrughan Sinha and his family as neighbours.
As per the report, the bank is intended to auction the nine storey building owned by the promoters. The residential building comprises of seven 4BHK and a duplex located in Mumbai’s Juhu Vile Parle Development (JVPD), Kapole Society in Vile Parle West.
The residential property is located in Nutan Laxmi CHS Ltd. The plot is covering an area of 800 sq yards in the Nutan Laxmi Co-operative Housing Society Ltd., North South Road, J V P D. Scheme, Vile Parle (West), Mumbai.
The notice of the bank was shared by Hecta, which is a prime platform for repossessed properties being auctioned by banks and financial institutions.
Indus Projects Limited, a publicly traded corporation established in 1997, possesses the ownership of the edifice. The notification specified Kishor Mehta, Abhai Mehtax, Mahavir Mehta, Madhur Mehta, and Indus Mechanical Engineering Company Private Limited as the debtors of the financial institution.
The notice mentioned that, the total outstanding dues are around Rs.90.46 crore. The proprietors are indebted to Union Bank of India in the amount of approximately Rs.71.85 crore along with interest at the prevailing rate, expenses, dues, and costs. Additionally, they are indebted to State Bank of India in the sum of Rs.18.60 crore along with additional interest at the prevailing rate, expenses, dues, and costs that may accumulate from April 23 until the complete repayment and settlement of their obligations.
The bungalow is being auctioned by Union Bank of India under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) of 2002.
The bank notice also mentioned, “Since you failed to comply with the said notice within the period stipulated, the Authorized Officer has taken possession of the immovable secured assets under Section 13(4) of the Act read with Rule 8 of Security Interest (Enforcement) Rules, 2002.”
Acording to the legal experts, the prospective buyers should check for physical possession status of the property, whether the physical possession has been obtained by the bank advertising the sale, after following the due process. They should also be aware that the reserved price excludes dues which is to be paid by the buyer. They should also check if there are any liabilities associated with the properties.
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