Bank of Baroda gives reasons why it withdrew Sunny Deol’s property auction notice

Mumbai (Maharashtra) [India], August 21 : Bank of Baroda has cited two major “technical” reasons as to why it withdrew the auction notice of actor-cum-parliamentarian Sunny Deol’s property in Mumbai.
Earlier in the day, it withdrew the sale notice published citing “technical reasons”.
“First, the total dues did not specify the exact quantum of dues to be recovered. Secondly, the sale notice was based on a symbolic possession of the property as per Rule 8(6) of The Security Interest (Enforcement) Rules 2002. An application has been made for physical possession by the Bank with the Chief Metropolitan Magistrate on 01st August’2023, which is pending for permission,” a Bank of Baroda spokesperson said in a statement.
“Since the unit is running as conveyed to us by the borrower, sale action will be initiated as per the provisions of the SARFAESI Act, once the physical possession is taken,” the spokesperson said.
In the meantime, the bank said the borrower has approached the lender for settling the dues as per the sale notice published on Sunday, “where the borrower/guarantors were notified that they are entitled to redeem the securities by paying the outstanding dues/costs/charges and expenses at any time before the sale is conducted.”
Citing these as reasons, the sale notice is withdrawn as per the normal industry practice followed in other cases as well, the spokesperson added.
The state-owned bank was set to put on auction the property owned by actor and BJP Member of Parliament Sunny Deol to recover Rs 56 crore.