Banks to sell Manohar Joshi's trust land in Mumbai over loan default

State-run Bank of Maharashtra has put on sale a plot owned by Kohinoor Education Trust promoted by Shiv Sena leader and former state chief minister Manohar Joshi in the city after the institute defaulted on around Rs 68 crore of loans.

The plot, which was mortgaged to Bank of Maharashtra, State Bank of India and Bank of India, is at Kurla West and has an area of around 4,196.78 sqm, according to a a public notice put out by Bank of Maharashtra.

It owes Rs 15.82 crore to Bank of Maharashtra, Rs 38.63 crore to State Bank and Rs 13.18 crore to Bank of India.

BoM is selling to plot on behalf of SBI and BoI.

The reserve price for the plot has been set at Rs 82.34 crore and the aution will be held on December 7, BoM said in a public notice.

Kohinoor Education Trust is a unit of Kohinoor Group which runs a business school, international school, kinder garden school and an American school.