Indian Bank puts Gautham Menon’s property on the block
A property belonging to film producer and director Gautham Vasudev Menon in Adyar is at auction by The Kotturpuram branch of Indian Bank which is also inviting tenders for it.
The auction process for the property located on First Main Road in Indira Nagar, has begun with the tender value being quoted at 12.26 crore, as per details on Tenders India (a government tender information system). The winning bidder is likely to put up 50 lakh as a deposit. The market price of each ground (2,400 sqft) in the area is 4.5 crore to 5 crore, and the property is 7,091 sqft.
A senior official from Indian Bank said, “This particular account has been a non-performing asset (NPA) for some time and we are moving in as per the provisions of the Sarfaesi Act [Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002].” In cases of evasion in repayment of installments and non-compliance with the notice period of 60 days after the announcement of the loan as a non-performing asset, the lender can take action without involvement of court, as per the act.
Matexnet would be conducting the e-auction of the property. E Jagadish from Matexnet said eight buyers have shown interest in this property. On February 24 tender for auction was published and the last date for offer submission is March 24.
The producer owes the bank 60 lakh and he is looking to sort out the issue, as per the sources close to Menon.It added he has already paid 6 instalments and will not allow auction of the property.
With respect to NPA recovery, Indian Bank officials told they are following a case-by-case approach. A bank official told, as per the Sarfaesi Act, if the borrower comes forward to repay the dues even after putting up the notice, we are open to negotiations as our only aim is to recover our dues. There have been instances where the borrower has settled the matter after the notice for auction was put up.
Source: Times of India
Adyar, E Jagadish, First Main Road in Indira Nagar, Gautham Vasudev Menon, Indian Bank, Kotturpuram branch, Matexnet, Non-performing asset, SARFAESI Act
