Yes Bank Puts Assets Of Essel Infraprojects On Sale

Yes Bank Puts Assets of Essel Infraprojects On Sale
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Yes Bank has put properties in Kurla belonging to Essel Infraprojects Limited on sale. The e-auction sale of the properties shall be held on November 10.

By Varun Singh

On Monday, Yes Bank came out with e-auction sale notices for sale of immovable assets belonging to Essel Infraprojects Limited.

Yes Bank issued the notices under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002.

The symbolic possession of the immovable properties were taken on January 8, 2020 by Yes Bank.

This was pursuant to a demand notice issued to the borrowers who in this case is Essel Infraprojects Ltd, on November 6, 2019.

The e-auction will be carried out on November 10, 2020 between 2 pm to 3 pm for recovery of Rs 556 crore.

According to the notice, Essel Realty Developers Pvt Ltd is the guarantor.

The property that the bank has put on e-auction is owned by Essel Infraprojects Ltd.

Yes Bank has put a total of eight commercial premises located in Kohinoor City Mall for e-auction.

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The first auction notice includes four units with a carpet area of 9579 square feet on the fifth floor along with 22 car parks

The reserve price put by the bank for the sale of the property is Rs 10.50 crore.

The second auction notice includes four units with a carpet area of 9579 square feet on the sixth floor along with 22 car parks in the mall.

The reserve price for this property also is Rs 10.50 crore. The Earnest Money Deposit is Rs 1.05 crore for fifth floor units and Rs 1.05 core for sixth floor units.

The total amount due according to the notice is Rs 556,52,30,349.63 as on November 6, 2019 together with interest, cost, charges and expenses thereon with effect from November 7, 2019.

A similar notice for all the eight units was issued by the bank on May 30 too.

The earlier notice issued in May was for eight units with a carpet area of 19,159 square feet along with 44 car parks in Kohinoor City Mall. The reserve price then was Rs 26.80 crore.

Earlier this year, the recovery cell of PMC Bank had put a luxurious Ferreti Yacht 881 and two aircrafts a Dassault Falcon and a Bombardier Challenger on sale.

Also Read: Realty Sales Of Sep 2020 Surpass Sep 2019 By 38%

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