Yes Bank is going into deficit. Consequently, they will sell its borrower’s immovable belongings

Yes Bank has invited bids on the market of immovable belongings of a borrower. This borrower is E-Commerce Magnum Resolution Ltd. They need to recuperate over Rs 345 crore through this sale. Sure Financial institution stated in an e-auction sale discovery. In addition, they stated it took bodily possession of the immovable properties mortgaged to it on August 29, 2020. This auction will be under a requirement discovery issued to the borrower and mortgagor in January 2020.

The e-auction will happen according to the Securitisation and Reconstruction of Monetary Belongings and Enforcement of Safety Curiosity (Sarfaesi) Act.

The public sale concerns One Hughes challenge at Chowpatty, Mumbai of E-Commerce Magnum Resolution Ltd, Sure Financial institution stated.

The financial institution has set the reserve value for the public sale at Rs 270 crore.

“Yes Bank won’t offer the properties under the reserve value set by the AO (authorized officer),” states the institution.

Yes Bank shall offer the properties in possession by the financial institution through e-auction on June 15, 2021, to restore Rs 345.32 crore as of April 27, 2021. Sure Financial institution states within the discovery.

Events will examine the property on working days between May 14-June 14 with prior intimation to the AO, lender states, including the final date for submitting the earnest cash deposit (Rs 10 crore) is June 14, 2021, until 1730 hrs.

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