Sunny Deol's Mumbai villa auction: BoB explains technical reasons behind withdrawing notice

While it is also curious that BoB decided to jump the gun on publishing the auction sale notice even before obtaining physical possession, the explanatory statement seems to contradict the original notice

Bank of Baroda on August 21 explained the technical reasons that led to withdrawal of the auction notice to Bollywood actor Sunny Deol for his Juhu property just a day after issuing it.

According to BoB, the borrower (Sunny Deol) has now approached the bank to settle the dues.

In a statement, BoB said, "The technical reasons mentioned in the withdrawal of the sale notice published on 21 August 2023 include 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 bank added.

"Accordingly, the sale notice is withdrawn as per the normal industry practice followed in other cases as well," it further stated.

Earlier today, Bank of Baroda had withdrawn the notice issued for auctioning actor Sunny Deol's Juhu bungalow a day after issuing the notice.

On August 20, the lender had said it plans to auction Deol's property following default on a Rs 56-crore loan. Bank of Baroda, in a public notice had said it would e-auction 'Sunny Villa' in the Juhu area of the city on September 25.

However, in a corrigendum issued on August 21, the bank said the e-auction notice published on August 20 stands withdrawn due to technical reasons.

"Corrigendum to E-auction sale notice dated 19.08.2023 published in the Times of India, Mumbai Edition (Pg.3) dated 20.08.2023 with regards to sale notice respect of Mr. Ajay sing Deol Alias Mr. Sunny Deol Stands withdrawn due to technical reasons," the bank said in fresh notice.

On August 19, 2023, BoB had issued a notice to Bollywood actor Sunny Deol for auctioning his villa in Mumbai’s Juhu citing non-payment of dues amounting to nearly Rs 56 crore.

In a notice published in a national newspaper on August 19, 2023, BoB said the villa will be e-auctioned on September 25 due to non-payment. As per the notice, Deol, whose real name is Ajay Singh Deol, is the borrower and guarantor of the loan and has allegedly failed to pay the amount to the bank on time.