Yes Bank to auction assets of Avantha Holdings, Oscar Investments

Yes Bank will auction properties of Gautam Thapar's Avantha Holdings and Shivinder and Malvinder Singh's Oscar Investments Ltd in a bid to recover their dues.

The sale of immovable assets will take place later in the month under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.

The auction notice for the borrower, Avantha Holdings Ltd, wherein Avantha Realty was the mortgager, said that the bank has taken constructive possession of the property mortgaged to it for recovery of Rs 548.30 crore.

The notice described the mortgaged assets as: "All that office premises bearing Municipal No. B-14 to B-19 on the third 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 loan repayment amount is due since October 31, 2019, along with further interest and cost due to the now restructured private lender from the borrower and mortgager.

The notice said that interested parties may inspect the property from July 10 to July 23, between 12 noon to 5 p.m. with prior information to authorised officer.

Last date and time of submitting Earnest Money Deposit (EMD) is July 24, up to 5 p.m. and the date of e-auction is July 27 between 11 a.m. to 2 p.m.

The auction notice for Oscar Investments Ltd, the borrower and RHC Holding Pvt. Ltd the mortgager, said that immovable assets mortgaged to the bank will be sold on July 20 for recovery of ₹ 465.29 crore which is due as on June 29.

The reserve price will be ₹30 crore and Earnest Money Deposit will be ₹ 3 crore, it said.

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 the bid along with the EMD is July 18. The e-auction will take place on July 20.

Oscar Investments Ltd is promoted by RHC Holding Private Ltd, which is promoted by Malvinder Mohan Singh and Shivinder Mohan Singh.