IDBI Bank is Selling Great Indian Tamasha Company’s Property

To recover unpaid dues owed to the consortium, an IDBI Bank-led group of lenders has requested bids for the auctioning of immovable property owned by Great Indian Tamasha Company.

The Great Indian Tamasha Company (GITCPL) operated the Kingdom of Dream in Gurugram and was a co-guarantor on the Great Indian Nautanki Company Pvt Ltd’s original loan (GINCPL).

In order to recover dues of Rs 150 crore, IDBI Bank, along with HDFC Bank and Bank of Baroda, would auction 107.24 acres of land owned and mortgaged by GITCPL (excluding interest, penalties and fees).

Apart from GITCPL, IDBI Bank has mentioned Anumod Sharma, Anu Appaiah, Viraf Sarkari, Sanjay Chaudhary, SG Investments, and Wizcraft International Entertainment as guarantors and directors in the notice for the sale of land.

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After GINCPL failed to repay the original loan, the consortium of banks has requested that the land be auctioned under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) 2002.

The properties, which are located in Peroor village in Karnataka’s Kodagu district, have a reserve price of Rs 11.53 crore. In May 2021, IDBI Bank filed a petition with the National Company Law Tribunal to begin insolvency proceedings against GINCPL.

The sale will take place 30 days after IDBI Bank issues the notification, which was published on June 19.

The transaction will be terminated if GINCPL or GITCPL can pay the dues, which are 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 interest from May 2 to date, plus ancillary costs and expenses.

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