Sunny Deol Expresses Intent to Clear Mumbai Bungalow Dues, Bank of Baroda Confirms"

Amid the looming possibility of his Mumbai bungalow being auctioned as collateral for unpaid loans, Bollywood star Sunny Deol has taken the initiative to settle all pending dues. Consequently, the state-owned Bank of Baroda has chosen to abort the auction process for the property. Following the withdrawal of the auction notice for the villa owned by the actor, who is also a sitting BJP Member of Parliament, Bank of Baroda released a statement affirming Deol's commitment to clearing the dues. The timing of his offer coincided with the bank's decision to halt the auction due to technical reasons, an action that drew scrutiny from the Congress party.

During this period, the borrower has initiated communication with the bank to address the outstanding dues in accordance with the sale notice that had been issued. This notice had explicitly informed the guarantors that they held the right to redeem the securities by settling the unpaid dues and related expenses prior to the commencement of the sale, the bank clarified.

The Bank of Baroda clarified that the decision to retract the auction notice was prompted by the borrower's commitment to clearing the dues, coupled with specific technical considerations. Shedding light on these technical aspects, the bank, which is among the largest public sector lenders, pointed out that the total dues mentioned did not precisely outline the precise amount to be recuperated. Furthermore, the sale notice had been grounded in the symbolic possession of the property, adhering to Rule 8(6) of the Security Interest (Enforcement) Rules 2002.

The bank revealed that an application was submitted to the chief metropolitan magistrate on August 1, 2023, to acquire physical possession of the property. Given that the unit remains operational, as informed by the borrower, the sale process will be initiated in alignment with the provisions of the Sarfaesi Act once the physical possession is obtained. As per the common industry protocol, the lender has withdrawn the sale notice, which reflects standard practice observed in similar cases. It is noteworthy that the Bank of Baroda had initially announced plans to conduct an e-auction for Sunny Villa situated in Mumbai's Juhu area on September 25.

Nonetheless, the bank has issued a corrigendum, clarifying that the e-auction notice initially disseminated on August 20 has been retracted owing to technical grounds. Beyond its role as Sunny Villa, the expansive 599.44-square meter property encompasses Sunny Sounds, an enterprise owned by the Deols. Remarkably, Sunny Sounds assumes the role of a corporate guarantor for the loan. Notably, the actor-politician Sunny's father, Dharmendra, takes on the role of the personal guarantor for the indebtedness, as stipulated in the auction announcement.

The notice also outlined that the Deols held the opportunity to settle the bank's outstanding dues, thus averting the auction in accordance with the stipulations of the Sarfaesi Act 2002. This development stirred a political controversy, with the opposition Congress party casting doubts and inquiries over the Bank of Baroda's decision to retract the e-auction notice related to the Juhu bungalow.

For more updates keep visiting our website www.topstoriesworld.com  where we provide unbiased, true and top stories of the world.