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IDBI Bank to sell property owned by Great Indian Tamasha Company
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IANS | 20 Jun, 2022
IDBI
Bank has invited bids through e-auction for the sale of property of
Great Indian Tamasha Company, which was running the Kingdom of Dreams in
Gurugram.
The Great Indian Tamasha Company was the
corporate guarantor of the Great Indian Nautanki Company. IDBI Bank is
calling for bids under the SARFAESI Act due to default of loans.
The
guarantors and directors listed are Anumod Sharma, Anu Appaiah, Viraf
Sarkari, Sanjay Chaudhary, Great Indian Tamasha Company, SG Investments
and Wizcraft International Entertainment.
The dues of IDBI Bank that are outstanding stand at Rs 92.69 crore as on May 1, 2022.
The land parcels being sold are in district Kodagu in Karnataka.
As
per media reports, in May last year, the National Company Law Tribunal
(NCLT) admitted a petition filed by IDBI Bank Ltd. seeking to invoke
Insolvency and Bankruptcy proceedings against Wizcraft International
Entertainment Private Limited for failing to pay around Rs 60 crore, an
amount, which the original loan borrower -- Great Indian Nautanki
Company Private Limited (GINCL) failed to pay.
The bank alleged
that Wizcraft being the corporate guarantor to the loan it granted to
GINCL had issued an "unconditional and unrecoverable" Corporate
Guarantee by which it undertook to pay forthwith upon demand without any
demur all amounts payable by the borrower -- GINCL. The bank even
issued proceedings under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest (SARFAESI) Act, in
this matter, the reports said.
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