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Yes Bank to auction properties of Essel Infra, SKIL Infra in July to recover dues

Yes Bank to auction properties of Essel   Infra, SKIL Infra in July to recover dues
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New Delhi: Yes Bank will auction properties of Essel group firm Essel Infraprojects and SKIL Infra in Mumbai on July 8 to recover dues of Rs 1,368.16 crore.

It has also put under the hammer properties owned by another group firm Rama Associates. It selling properties to recover dues of Rs 556.53 crore, according to a public notice by Yes Bank. The bank took possession of their properties on January 8 and 10, 2020, the notice said. The sale of immovable assets is under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

"The e-auction will take place on July 8, 2020, for recovery of Rs 556,52,30,349.63 as on November 6, 2019, together with further interest, costs, charges and expenses with effect from November 7, 2019, due to the secured creditor from Essel Infraprojects Ltd (borrower or mortgagor 1) and Rama Associates Ltd (mortgagor 2)," according to the auction notice.

The properties include eight commercial units of carpet area 19159.94 sq ft along with 44 car parking space at Kohinoor City Mall, Kirol Road, Kurla, Mumbai owned by Essel Infraprojects. A property of Rama Associates Ltd located at Lawrence Road, New Delhi has also been put under the hammer.

In a separate notice, Yes bank said on July 8 it will sell land parcels owned by SKIL Infra Ltd in Dighode village situated in Raigad district of Maharashtra for recovery of Rs 390.92 crore.

Yes Bank said it has taken the physical possession of "All those pieces and parcels of non- agricultural lands or grounds, situated, lying and being at Village Dighode, Taluka Uran, District Raigad...." on September 27, 2019 pursuant to the demand notice issued to the borrower(s) and mortgagor under SARFAESI Act, 2002 dated May 24, 2019." The proerties will be sold by way of e-auction for recovery of Rs 390.92 as on May 23, 2019 together with further interest, costs, charges and expenses thereon with effect from May 24, 2019 due to the bank from SKIL Infra Ltd (borrower and mortgagor).

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