YES Bank to auction Avantha, RHC Holdings’ assets to recover Rs 1,000 cr

YES Financial institution will public sale properties of Thapar Group’s Avantha Holdings and Oscar Investments Ltd of Singh brothers alongside these of some people later this month to get well mortgage dues of over Rs 1,000 crore.

The sale of immovable belongings will happen by means of e-auction on varied dates in July below the Securitization and Reconstruction of Monetary Belongings and Enforcement of Safety Curiosity Act, 2002.

In a sale discover to the general public basically and particularly to Avantha Holdings Ltd (the borrower) and Avantha Realty (mortgager), YES Financial institution stated it took constructive possession of the property mortgaged to it on February 10, 2020 for restoration of Rs 548.30 crore.

“All that workplace premises bearing Municipal No. B-14 to B-19 on the third (third) flooring of B-wing of Shangrilla Condominium, Bund Backyard Street, Pune – 411 001, admeasuring approx. about 123.56 sq. mtrs. Constructed-up space, bearing Survey No. 362, Hissa No,three/A and Hissa No. four(pt), located at 31 Bund Backyard Street, Pune below the title of Shangrilla,” the public sale discover stated describing the mortgaged belongings.

The mortgage quantity is due since October 31, 2019, together with additional curiosity and value because of the secured creditor (YES Financial institution) from the borrower and mortgager, YES Financial institution stated.

These can examine the properties from July 10-23. The final date of submitting the earnest cash deposit (EMD) is July 24, whereas the public sale will happen on July 27, it stated.

Individually, it stated discover is hereby given to the general public basically and particularly to Oscar Investments Ltd (borrower) and RHC Holding Pvt. Ltd (mortgager) that immovable belongings mortgaged to the financial institution will probably be offered on July 20, 2020 for restoration of Rs 465.29 crore which is due as on June 29, 2020.

YES Financial institution stated the excellent quantities have been calculated after adjusting monies recovered from sale of different securities.

The properties mortgaged to YES Financial institution are “Land & constructing constructed on land admeasuring 12 Bighas out of Khasra No. 288 (four Bighas 16 Biswas), Khasra No. 289 (four Bighas 5 Biswas) and Khasra No. 290 (2 Bighas 19 Biswas) located within the income property of Village Gadaipur, Tehsil Hauz Khas, Mehrauli, New Delhi”.

The property will probably be open for inspection from July 6-17, whereas the final date to submit bid together with the EMD is July 18. The e-auction will happen on July 20, 2020.

Oscar Investments Ltd is promoted by RHC Holding Personal Restricted (44.47 per cent), which is flip is promoted by Malvinder Mohan Singh and Shivinder Mohan Singh.

Aside from this, the financial institution may even promote particular person properties owned by sure debtors from Ludhiana and Jaipur to get well dues of Rs 30.96 lakh and Rs 24.29 lakh, respectively, on July 20.

In earlier public sale notices, the financial institution had introduced to promote properties owned by Essel Group agency, Essel Infraprojects, and SKIL Infra to get well dues of Rs 1,368.16 crore.

Whereas the public sale for Essel Group properties will happen on July eight, SKIL Infra properties will go below the hammer on July 15.

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