Why Bank Of Baroda Withdrew Sunny Deol's House Auction Notice? BoB Explains

As the Opposition, including the Congress, questioned the Bank of Baroda's (BoB) decision to withdraw the e-auction notice for the Juhu bungalow of actor and BJP MP Sunny Deol, the bank has now given an explanation over the issue.

Initially, the Bank of Baroda had stated that it withdrew the notice due to "technical reasons." Now, it has listed out the reasons behind it.

"First, the total dues did not specify the exact quantum of dues to be recovered. Secondly, the sale notice was based on a symbolic possession of the property as per Rule 8(6) of The Security Interest (Enforcement) Rules 2002. An application has been made for physical possession by the Bank with the Chief Metropolitan Magistrate on 01st August 2023, which is pending for permission. Since the unit is running as conveyed to us by the borrower, sale action will be initiated as per the provisions of the SARFAESI Act, once the physical possession is taken," the spokesperson from the bank said in a statement.

On the other hand, Sunny Deol has also approached the bank to settle the dues.

"In the meantime, the borrower has approached the Bank for settling the dues as per the sale notice published on 20th August 2023, where the borrower/guarantors were notified that they are entitled to redeem the securities by paying the outstanding dues/costs/charges and expenses at any time before the sale is conducted. Accordingly, the sale notice is withdrawn as per the normal industry practice followed in other cases as well," the statement added.

Earlier, the bank issued a notice for the e-auctioning of his property named Sunny Villa for failing to clear his dues. Going by the notice, Ajay Singh Deol (Sunny Deol) had taken over Rs 55 crore (55,99,80,766.33) from the Bank of Baroda and he was also the guarantor in this case.

In order to recover the amount, it is going to e-auction his property on September 25 at the reserve price of Rs 51.43 crore.

Located at Gandhi Gram Road in Juhu, it serves as the operational base for Deol's business activities. Within its premises, Sunny Super Sound is situated, functioning as the actor's office, along with a preview theatre and a pair of post-production suites. This establishment was founded in the latter part of the 1980s.

Reports claim that he took the loan against the property to fund his 2016 flick 'Ghayal Once Again'.