The premises of the Great Indian Festival Company – a business guarantee of the Great Indian Nautanki Company – have been put up for sale due to non-payment of loans taken from IDBI Bank, HDFC Bank and Bank of Baroda.
According to a public notice issued by IDBI Bank, immovable properties, which will be sold at e-auction next month, are located in the Kodagu district of Karnataka.
“IDBI Bank invites bids / donations to the closed sales cover of the Great Indian Festival Company (a guarantee of the Great Indian Nautanki Company) under the provisions of the Security and Reconstruction of Financial Assets Act and the Guarantee Security Act,” the lender. it said.
The company owes IDBI Bank Rs 86.48 crore, HDFC Bank Rs 6.26 crore and Bank of Baroda Rs 49.23 crore.
According to the notice, “IDBI Bank outstanding payments as of 1 May 2022, stand at Rs 92.69 crore plus interest from May 2, 2022”.
The sale of securities whose fixed price is set at Rs 11.53 crore will be “as is the basis”, “as is the basis”, “whatever is available”, and “there is no basis for obtaining assistance” on behalf of secured lenders, namely IDBI Bank, Baroda Bank and HDFC Bank.
The prospective buyer will be required to deposit a profit of Rs 1.15 crore.
The IDBI claimed the property on May 20, 2022. The property is located in Peroor village, Kodagu district, which covers 107.24 hectares.
The e-auction will take place on July 27, 2022, and the closing date for bidding is 22 July.
Established in January 2008, Great Indian Tamasha Company is regarded as a non-governmental company with an approved budget of Rs 2 crore and its payment of Rs 2 lakh. It is involved in sports and other recreational activities.
The directors of the company are Anumod Sharma, Sanjay Choudhry and Wizcraft International Entertainment Pvt Ltd, among others.