Yes bank news - Yes Bank to auction assets of Avantha, Oscar Investments to recover ₹1,000 cr

New Delhi: Yes Bank will auction the properties of Thapar Group's Avantha Holdings and Oscar Investments Ltd, of Singh brothers alongside those of some individuals later this month to recover loan dues of over Rs 1,000 crore according to yes bank news.

The immovable assets will be sold through the online auction on different dates in July under the Securitization and Reconstruction of Financial Assets and Security Interest Compliance Act, 2002.

In a notice of sale to the public in general and in particular to Avantha Holdings Ltd (the borrower) and Avantha Realty (mortgage), Yes Bank latest news -  it had taken possession of the promised property on February 10, 2020, for recovery of Rs 548.30 crore.

"All the office premises bearing Municipal  No. B-14 to B-19 are located on the third (third) floor of Suite B of the Shangrilla Apartment, Bund Garden Road, Pune - 411001, admeasuring approx about 123.56 sq. mtrs.. Built-up area, with survey No. 362, and Hissa No. 3 / A and Hexa No. 4 (Pt), located at 31 Bond Garden Street, Pune, under the name Shangri-La ", indicated in the auction notice that describes the mortgaged assets - Yes bank news

Yes Bank said the loan amount is due as of October 31, 2019, along with more benefits and costs due to the borrower's secured creditor (Yes Bank) and the mortgage.

Those interested can visit the properties from July 10 to 23. He added that the deadline to send the AMD deposit is July 24, while the auction will take place on July 27.

On the other hand, the company said the notice is being delivered to the general public and in particular to Oscar Investments Ltd (Borrower) and RHC Holding Pvt. Ltd (Mortgage). The Bank's committed real estate will be sold on July 20, 2020, for Retrieve Rs 465.29 million maturing on June 29, 2020.

Yes Bank latest news said the amounts owed were calculated after adjusting repayments from the sale of other securities.

Yes Bank's mortgaged properties are “land and buildings constructed on land that admeasuring 12 Bighas out of Khasra No. 288 (4 Bighas 16 Biswas), Khasra No. 289 (4 Bighas 5 Biswas) and Khasra No. 290 (2 Bighas 19 Biswas) ”located on the property of Village Revenue Gadaipur, Tehsil Hauz Khas, Mehrauli, New Delhi."

The property will be open for inspection from July 6 to 17, while the deadline for submitting offers with EMD is July 18. The e-auction will take place on July 20, 2020, as per yes bank news.

Oscar Investments Limited is promoted by RHC Holding Private Limited Limited (44.47 percent), which in turn is promoted by Malvinder Mohan Singh and Shivinder Mohan Singh.

According to yes bank latest news and yes bank stocks, the bank will also sell individual properties owned by certain borrowers from Ludhiana and Jaipur to recover dues of Rs 30.96 lakh and Rs 24.29 lakh, respectively, on July 20.

In earlier auction notices, the bank announced the sale of properties owned by Essel Group, Essel Infraprojects, and SKIL Infra to recover dues of Rs 1,368.16 crore.

While the auction for the Essel Group properties will take place on July 8, SKIL's Infrastructure properties will go under the hammer on July 15.

Also Read: Reliance plans to up aviation fuel stations by 50 percent