Bank of Baroda has revealed, why Sunny Deol's house was not auctioned?

On one hand, Sunny Deol's new 'Gadar-2' is creating a buzz. On the other hand, he has a loan outstanding of Rs 56 crore, the notice to auction his Juhu bungalow is also in the headlines, now Bank of Baroda has clarified the whole reason for canceling the auction...

Actor Sunny Deol, who is rocking 'Gadar-2', is currently in discussion about his loan of Rs 56 crore more than the film. Bank of Baroda first issued a notice to auction Sunny Deol's 'Sunny Villa' in Juhu due to non-payment of this loan on time. Then in less than 24 hours the auction order was withdrawn. A political storm has arisen over this, and now the bank has clarified why it canceled the auction of Ajay Singh Deol alias Sunny Deol's house…

Bank of Baroda advertised in the first newspaper on Monday that it has canceled the auction of BJP MP from Gurdaspur Sunny Deol's bungalow due to 'technical issue'. On this, Jairam Ramesh of the opposition party Congress asked a sharp question that within 24 hours such a 'technical obstacle' had arisen that the bank had to cancel the auction. Now the bank has given the answer to this.

The bank does not have possession of the bungalow

Bank of Baroda clarified in a statement that it had given the auction notice of the bungalow under the SARFAESI Act. According to Section-8(6) of the Act, this notice was issued keeping in view the symbolic possession of the bungalow. While he had applied to the Chief Metropolitan Magistrate on August 1, 2023, to actually take possession of the bungalow, whose permission is yet to be received.

According to the SARFAESI Act, the process of auction of any property can be started only then. When the bank has actual possession of that property. The SARFAESI Act is a law under which all banks and other financial institutions in India have full right to sell or auction the property of loan defaulters. However, for this banks and financial institutions do not even need the permission of the court.

The Deol family took the initiative to repay the loan

Bank of Baroda also says that in the earlier advertisement, how much loan is actually outstanding, how much has been recovered. Its information was also not clear. In the meanwhile, the borrower has been approached to clear the dues of the bank. The bank had also said in its advertisement that if the borrower or guarantor pays the dues, interest, fees and expenses of the bank anytime before the auction, then the auction will be stopped.

These days Sunny Deol is in discussion about 'Gadar-2'. His film is rocking at the box office and has collected more than 300 crores.