Yes Bank To Auction Infra Properties

Yes Bank on July 8 will auction properties of Essel group firm Essel Infraprojects and SKIL Infra to recover dues of Rs 1,368.16 crore. It has also put under the hammer properties owned by another group firm Rama Associates. It selling properties to recover dues of Rs 556.53 crore, according to a public notice by Yes Bank. The bank took symbolic possession of their properties on January 8 and 10, 2020. The sale of immovable assets is under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002. “The e-auction will take place on July 8, 2020, for recovery of Rs 556,52,30,349.63 as on November 6, 2019, together with further interest, costs, charges and expenses thereon with effect from November 7, 2019, due to the secured creditor from Essel Infraprojects Ltd (borrower or mortgagor 1) and Rama Associates Ltd (mortgagor 2),” according to the auction notice. The properties includes eight commercial units of carpet area 19159.94 sq ft along with 44 car parking space at Kohinoor City Mall, Kirol Road, Kurla, Mumbai owned by Essel Infraprojects.