Bank of Baroda has retracted its e-auction notice for actor Sunny Deol's Juhu bungalow after issuing a corrigendum on Monday morning. The bank cited "technical reasons" for the withdrawal of the auction notice, which had put the property up for auction due to non-repayment of a sum amounting to Rs 56 crore.
In response to the auction notice, Sunny Deol, the borrower in question, reached out to the bank with the intention to settle his dues. The borrower's approach aligns with the notice issued on August 20. The notice had listed the Juhu bungalow for auction, but the total amount to be repaid was not explicitly specified by the bank.
Bank of Baroda's decision to retract the auction notice came after it issued a corrigendum. The bank had initially cited "technical reasons" for the withdrawal, a rationale that was met with questioning by Congress MP Jairam Ramesh.
The bank clarified that the original sale notice was grounded in the symbolic possession of the property, following Rule 8(6) of The Security Interest (Enforcement) Rules 2002. However, an application for physical possession was filed by the bank on August 1. This application is still awaiting approval from the Chief Metropolitan Magistrate. The bank explained that once physical possession is secured, it will initiate sale proceedings under the provisions of the SARFAESI Act.
In the midst of these developments, the borrower, Sunny Deol, approached the bank with an offer to settle the outstanding dues in accordance with the sale notice published on August 20. The bank clarified that borrowers and guarantors have the right to redeem the securities by paying off outstanding dues, costs, charges, and expenses before a sale is conducted. Consequently, the sale notice was withdrawn, following industry norms.
Initially slated for September 25, the e-auction of Sunny Villa in Juhu was publicized by the Bank of Baroda with a reserve price of Rs 51.43 crore. However, the bank's decision to withdraw the e-auction sale notice was attributed to "technical reasons."