 "Why did the Bank of Baroda want to auction Sunny Deol's Juhu bungalow?")
The Bank of Baroda said on Monday that the auction notice for actor and BJP MP Sunny Deol's bungalow in Mumbai's Juhu has been withdrawn. The actor's property was put on the block on Sunday by the Bank of Baroda for an e-auction, which was supposed to be held on August 25.
"Corrigendum to e-auction notice with regards to sale auction notice in respect of Mr Ajay Singh Deol alias Mr Sunny Deol stands withdrawn due to technical reasons," the Bank of Baroda said in a statement today.
Here are the details of the case:
Why did the Bank of Baroda send the auction notice for Sunny Deol's bungalow?
Bank of Baroda put the actor's property on the block on Sunday to recover Rs 56 crore through an e-auction to be held on August 25. The state-owned lender said in a public tender on August 20 that the Gadar actor has been in default on a Rs 55.99 crore loan from the bank and interest and penalty since December 2022.
Which other properties of Sunny Deol did the bank say it would put on the block?
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Apart from the villa, a 599.44 square metre property, which houses Sunny Sounds, was also put on the block. Sunny Sounds, a firm owned by the Deols, is the corporate guarantor for the loan. According to the auction notice, Dharmendra -- Sunny Deol's father -- is the personal guarantor of the loan.
The notice on Sunday said that the Deols can still settle their outstanding debt with the bank to prevent the auction from being held under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act of 2002.
What is the Sarfaesi Act of 2002?
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, enables financial institutions and banks to auction properties (residential and commercial) when borrowers fail to repay their loans. It helps banks reduce their non-performing assets (NPAs) by adopting measures for recovery or reconstruction.
When do properties fall under this Act?
When a borrower defaults on repayment of his/her home loan for six months at a stretch, banks give him/her a 60-day period to start repaying. On failure to do so, banks declare the loan a non-performing asset (NPA) and auction it to recover the debt.
Congress questions withdrawal of Bank of Baroda's e-auction notice
The Congress on Monday raised questions about the Bank of Baroda withdrawing the e-auction notice for Deol's Juhu bungalow of BJP MP Sunny Deol, asking who triggered the "technical reasons" for the withdrawal.
Congress general secretary Jairam Ramesh said on X (Formerly known as Twitter): "Yesterday afternoon the nation got to know that Bank of Baroda had put up the Juhu residence of BJP MP Sunny Deol for e-auction since he has not paid up Rs 56 crore owed to the Bank. This morning, in less than 24 hours, the nation has got to know that the Bank of Baroda has withdrawn the auction notice due to 'technical reasons'."
Gadar 2 grosses Rs 300 crore
Meanwhile, Deol's latest release, Gadar 2 has already grossed over Rs 300 at the box office since its release last week. According to trade analyst Taran Adarsh, Gadar 2 has surpassed the lifetime earnings of hit films like War and Bajrangi Bhaijaan. He also expects the film to outshine the earnings of Tiger Zinda Hai, PK, and Sanju.