An IDBI Bank-led ground of lenders has invited bids for the auctioning of immovable property owned by Great Indian Tamasha Company, to recover pending dues owed to the consortium. The Great Indian Tamasha Company (GITCPL) had been operating the Kingdom of Dream in Gurugram, and was the co-guarantor in the original loan offered to the Great Indian Nautanki Company Pvt Ltd (GINCPL).
IDBI Bank along with HDFC Bank and Bank of Baroda will be selling off 107.24 acres of land, which were owned and mortgaged by GITCPL, in order to recover dues of Rs 150 crore (excluding interest, penalties and fees).
Apart from GITCPL, other guarantors and directors named by IDBI Bank in the notice for the sale of land are Anumod Sharma, Anu Appaiah, Viraf Sarkari, Sanjay Chaudhary, SG Investments and Wizcraft International Entertainment.
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The consortium of banks has called for an auction of the land under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) 2002, after GINCPL failed to pay up Rs 60 crore towards the original loan.
The reserve price for the properties, which are located in Peroor village of Kodagu district in Karnataka, has been set at Rs 11.53 crore. IDBI Bank had in May 2021 moved the National Company Law Tribunal for starting the insolvency proceedings against GINCPL.
The sale would be taking place 30 days from the issuance of the notice, which was published by IDBI Bank on June 19. If GINCPL or GITCPL can pay the dues, which stand at Rs 92.69 crore to IDBI Bank, Rs 49.23 crore to Bank of Baroda and Rs 6.27 crore to HDFC Bank as of May 1, plus added interest from May 2 till date, along with ancillary costs and expenses, then the sale would stand cancelled.
