Bank of Baroda (BoB) has withdrawn the e-auction notice it served on Bollywood actor Sunny Deol for the sale of his immovable and movable assets to recover total dues aggregating ₹55.99 crore plus interest and cost from December 26, 2022, less recovery up to date.

The public sector bank reportedly cited “technical reasons” for withdrawing the e-auction notice.

Elaborating on the technical reasons, a Bank spokesperson said: “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 by the Bank for physical possession by the Bank with the Chief Metropolitan Magistrate on 01st August’2023, which is pending for permission, he added.

“Since the unit is running as conveyed to the Bank by the borrower, sale action will be initiated as per the provisions of the SARFAESI (the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, once the physical possession is taken.

“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,” the spokesperson said.

Accordingly, the Bank has withdrawn the sale notice, which is as per the normal industry practice followed in other cases as well, he added.

The box office success of Sunny Deol-starrer Gadar 2 seemed to have prompted the Bank to quickly initiate moves to collect dues the Bollywood actor apparentlyowes it, going by the Bank’s e-auction notice dated August 19, 2023.

BoB had issued an e-auction sale notice under SARFAESI Act, 2002 for the sale of immovable and movable assets of Sunny Deol (Ajay Sing Deol).

As per the public sector bank’s e-auction sale notice, it intended to auction land admeasuring 599.44 square meters underneath a structure known as Sunny Villa situated at Gandhigram Road, Juhu, Mumbai. The reserve price for the property has been set at Rs 51.43 crore.

The bank had taken symbolic possession of the aforementioned immovable property under SARFAESI Act, according to the notice.

Gadar-2, the movie starring Sunny Deol-Ameeta Patel, is a sequel to the 2001 movie ‘Gadar: Ek Prem Katha’.

On Gadar-2, IMDb, a source for info on movies, TV shows, and celebrities, said: “India’s most loved family of Tara, Sakeena and Jeete; 22 years after its predecessor. Set against the Indo-Pakistan war of 1971, Tara Singh, once again, will face every enemy to protect the honor of country and family.”

Bollywood trade analyst Taran Adarsh on Monday posted on social media platform ‘X’: “’Gadar 2’ creates history, sets new record…#Gadar2 has DEMOLISHED the *Weekend 2* (Fri to Sun) total of TOP 5 *highest grossing #Hindi films* by a wide margin  #Gadar 2: ₹ 90.47 cr Vs (1) #Pathaan: ₹ 63.50 cr (2) #Baahubali2:₹ 80.75 cr…” 

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