Yes Bank Auctions Avantha & RHC Holdings Properties
Yes Bank will auction properties of Thapar Group’s Avantha Holdings and Oscar Investments Ltd of Singh brothers alongside those of some individuals later this month to recover loan dues of over Rs 1,000 crore. The sale of immovable assets will take place through e-auction on various dates in July
Published -
Jul 6, 2020 4:54 AM
Yes Bank will auction properties of Thapar Group’s Avantha Holdings and Oscar Investments Ltd of Singh brothers alongside those of some individuals later this month to recover loan dues of over Rs 1,000 crore. The sale of immovable assets will take place through e-auction on various dates in July under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. In a sale notice to the public in general and in particular to Avantha Holdings Ltd (the borrower) and Avantha Realty (mortgager), Yes Bank said it took constructive possession of the property mortgaged to it on February 10, 2020 for recovery of Rs 548.30 crore. Those interested can inspect the properties from July 10-23. The last date of submitting the earnest money deposit (EMD) is July 24, while the auction will take place on July 27, it said. Separately, it said notice is hereby given to the public in general and in particular to Oscar Investments Ltd (borrower) and RHC Holding Pvt. Ltd (mortgager) that immovable assets mortgaged to the bank will be sold on July 20, 2020 for recovery of Rs 465.29 crore which is due as on June 29, 2020. Apart from this, the bank will also sell individual properties owned by certain borrowers from Ludhiana and Jaipur to recover dues of Rs 30.96 lakh and Rs 24.29 lakh, respectively, on July 20.
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