Yes Bank to auction Essel, SKIL Infra properties in July to recover dues

Yes Bank will next month auction properties of Essel group firm Essel Infraprojects and SKIL Infra to recover dues of Rs 1,368.16 crore.

The private bank on July 8 will auction properties owned by Essel Infraprojects in Mumbai. It has also put under the hammer properties owned by another group firm Rama Associates. It selling properties to recover dues of Rs 556.53 crore, according to public notice by Yes Bank.

The bank took symbolic possession of their properties on January 8 and 10, 2020, the notice said.

The sale of immovable assets is under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002.

"The e-auction will take place on July 8, 2020, for recovery of Rs 556,52,30,349.63 as on November 6, 2019, together with further interest, costs, charges and expenses thereon with effect from November 7, 2019, due to the secured creditor from Essel Infraprojects Ltd (borrower or mortgagor 1) and Rama Associates Ltd (mortgagor 2)," according to the auction notice.

The properties include eight commercial units of carpet area 19159.94 sq ft along with 44 car parking space at Kohinoor City Mall, Kirol Road, Kurla, Mumbai owned by Essel Infraprojects.

A property located at Lawrence Road, New Delhi owned by Rama Associates Limited has also been put under the hammer.

In a separate notice, Yes bank said on July 8 it will sell land parcels owned by SKIL Infrastructure Ltd in Dighode village situated in Raigad district of Maharashtra for recovery of Rs 390.92 crore.

Yes Bank (secured creditor) said it has taken the physical possession of "All those pieces and parcels of non- agricultural lands or grounds, situated, lying and being at Village Dighode, Taluka Uran, District Raigad...." on September 27, 2019, pursuant to the demand notice issued to the borrower(s) and mortgagor under SARFAESI Act, 2002 dated May 24, 2019."

The properties will be sold by way of e-auction for recovery of Rs 390.92 as on May 23, 2019, together with further interest, costs, charges and expenses thereon with effect from May 24, 2019 due to the bank from SKIL Infrastructure Limited (borrower and mortgagor).

The third auction with regard to recovery of Rs 420.71 crore from SKIL Infrastructure is slated for July 15 for sale of "All those pieces and parcels of non-agricultural lands or grounds, situated, lying and being at Village Chanje, Taluka Uran, District Raigad, owned by Karanja Infrastructure," as per the document, Yes Bank document read.