Sunny Deol's lavish villa, nestled in the upscale locale of Juhu in west Mumbai, recently became a subject of financial scrutiny. The Bank of Baroda had initiated proceedings to auction off the property to recover a loan the actor had taken. The loan amount, reportedly totalling around Rs 56 crore, had been coupled with accrued interest.
However, now the Bank of Baroda has decided to retract the e-auction notice for Sunny Deol's Juhu bungalow due to "technical reasons". This development was marked by the publication of a corrigendum on August 21 that officially conveyed the withdrawal due to unresolved technical issues.
While representatives from Sunny Deol's team had acknowledged the auction notice on the initial date, they contested the stated loan amount, asserting inaccuracies. Moreover, they assured that the actor was in the process of settling the dues within a day or two.
The Bank of Baroda has since issued a comprehensive statement clarifying the situation surrounding the withdrawal. The statement says, "The technical reasons mentioned in the withdrawal of the sale notice published on 21st August 2023 are twofold. First, the total dues did not specify the exact quantum of dues to be recovered. Second, 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 permission. As the property is currently operational, the sale action will be initiated in accordance with the provisions of the SARFAESI Act once physical possession is secured."
In the interim, the borrower, Deol, has initiated contact with the bank to explore options for settling the outstanding dues. The sale notice published on August 20, 2023, conveyed to the borrower and guarantors their entitlement to redeem the property by clearing the outstanding dues, costs, charges, and expenses prior to the sale's execution. As the matter continues to unfold, both parties navigate the intricacies of the financial and legal landscape.
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