For the second time in six months, Indian Bank has put up a property belonging to TDP MLA Ganta Srinivasa Rao for e-auction.
The decision to e-auction an apartment built in 444 sq yards at Balayya Sastry Layout was taken because of default on loans to the tune of ₹220.66 crore.
The auction process was initiated by the bank’s Daba Gardens branch. A notification was issued in newspapers stating that the online auction would be conducted on April 16. Application can be filed from April 11 to 15.
According to the notification, the application and details of the property can be downloaded from www.bankeauction.com. Pratyusha Resources and Infra Private Limited, in which Mr. Srinivasa Rao had served as director, defaulted on repayment of loan of ₹141.68 crore. The bank had issued a demand notice on October 4. 2016.
Despite the demand notice, the company allegedly did not clear the loan. The total outstanding, including the interest component, stood at over ₹208.68 crore as on November 7, 2019, when the bank issued the first e-auction notice.
Later, the e-auction was postponed after an assurance given by Mr. Srinivasa Rao and other serving directors. Since the payment was not made, the outstanding amount went up to ₹220.66 crore as on March 2, 2020.
It was learnt that 26 properties belonging to Mr. Srinivasa Rao and P.V. Prabhakara Rao, K.B. Subrahmanyam, Narni Amulya and Parachuri Bhaskara Rao, all directors of the company, were attached by the bank.
Assets belonging to the companies such as Pratyusha Resources and Infra, Pratyusha Global Trade and Pratyusha Estates were also attached and put on auction.
