Wednesday, July 6, 2022
HomeBusiness'Tamasha', 'Nautanki' companies dupe 3 leading banks of Rs 150 crore

‘Tamasha’, ‘Nautanki’ companies dupe 3 leading banks of Rs 150 crore

New Delhi: A couple of Indian companies, who have just turned Non Performing Assets, have duped three eminent Indian banks – IDBI Bank Ltd, Bank of Baroda, HDFC Bank Ltd – of Rs 150 crore. Anumod Sharma, Dr. Anu Appaiah, Viraf Sarkari, and Sanjay Chaudhary served as directors and guarantors for M/s. Great Indian Nautanki Company Pvt. Ltd. (GINCPL), had received the loans. IDBI Bank Ltd has been duped of Rs 92.69 crore, Bank of Baroda of Rs 49.23 crore, HDFC Bank of Rs 6.27 crore. The amount includes interest, penalties, and other costs. 

In this case, Great Indian Tamasha Company Pvt. Ltd. (GITCPL) is named as the corporate guarantor. Other guarantors are Wizcraft International Entertainment Pvt. Ltd., S.G. Investments Pvt. Ltd. (ALSO READ: IKEA opens its largest store in India in Bengaluru, plans to invest Rs 3000 cr) 

Following the reporting of NPAs, private lenders are now seeking bids through an e-caution for the sale of 107.24 acres of lands owned and mortgaged by GITCPL. With the move, the banks are attempting to recover the outstanding dues. For the unversed, GITCPL was operating the Kingdom of Dream in Gurugram, near Delhi. (ALSO READ: PM KISAN eKYC deadline ends on July 31, here is how to do Aadhaar OTP-based authentication) 

The land parcels going under bids are located in the Peroor village’s Ballamvati Mandal Panchayat of Kodagu district in Karnataka. The auction bids were called under the SARFAESI Act for the default of the huge loans.

The bids for the properties, with a reserve price tag of Rs 1,153 lakhs, will be open from July 16 to July 22. The e-auction will be conducted on July 27, according to a public announcement.

A request by IDBI Bank to initiate insolvency and bankruptcy proceedings against Wizcraft International Entertainment Pvt. Ltd. for failing to make the approximately Rs 60 crore payment that the original loan borrower, GINCPL, has defaulted on was granted admission by the National Company Law Tribunal in May 2021. 

— With PTI inputs.

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