Yes Bank puts up for sale properties of Avantha Group, RHC Holdings for recovery of over Rs 1,000 cr

Yes Bank will auction 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.

The sale of immovable assets will take place through e-auction on various dates in July under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

In a sale notice to the public in general and in particular to Avantha Holdings Ltd (the borrower) and Avantha Realty (mortgager), Yes Bank said it took constructive possession of the property mortgaged to it on February 10, 2020 for recovery of Rs 548.30 crore.

"All that office premises bearing Municipal No. B-14 to B-19 on the third (3rd) floor of B-wing of Shangrilla Apartment, Bund Garden Road, Pune - 411 001, admeasuring approx. About 123.56 sq. Mtrs. Built-up area, bearing Survey No. 362, Hissa No,3/A and Hissa No. 4(pt), situated at 31 Bund Garden Road, Pune under the name of Shangrilla," the auction notice said describing the mortgaged assets.

The loan amount is due since October 31, 2019, along with further interest and cost due to the secured creditor (Yes Bank) from the borrower and mortgager, Yes Bank said.

Those interested can inspect the properties from July 10-23. The last date of submitting the earnest money deposit (EMD) is July 24, while the auction will take place on July 27, it said.

Separately, it said notice is hereby given to the public in general and in particular to Oscar Investments Ltd (borrower) and RHC Holding Pvt. Ltd (mortgager) that immovable assets mortgaged to the bank will be sold on July 20, 2020 for recovery of Rs 465.29 crore which is due as on June 29, 2020.

Yes Bank said the outstanding amounts have been calculated after adjusting monies recovered from sale of other securities.

The properties mortgaged to Yes Bank are "Land & building built on land 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) situated in the revenue estate of Village Gadaipur, Tehsil Hauz Khas, Mehrauli, New Delhi".

The property will be open for inspection from July 6-17, while the last date to submit bid along with the EMD is July 18. The e-auction will take place on July 20, 2020.

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

Apart from this, 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.

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

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