Yes Bank puts Essel Group properties on sale to recover Rs 1,500 crore dues
Yes Bank has put prime properties belonging to the Subhash Chandra-promoted Essel Group on sale to recover dues to the tune of Rs 1,500 crore.
The bank has put two Essel Infraprojects-owned commercial properties in Mumbai and one bungalow owned by Essel Group’s RPW Projects Private Limited in New Delhi on the block, as per the auction notices issued by the bank which CNBC-TV18 has reviewed.
Yes Bank has set a reserve price of Rs 430 crore for the bungalow located in the posh Lutyens’ Delhi at Bhagwan Das Road. This property is spread over 2.80 acres and was purchased by Essel Group in 2015. It was later mortgaged to Yes Bank for loans taken by the firm. As per the notice issued by the bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI), Yes Bank is looking to recover dues of over Rs 943 crore from the company.
In another notice, the bank has invited bids for the sale of two other commercial properties owned by Essel Infraprojects in Mumbai to recover dues of over Rs 556 crore. The bank has set a reserve price of Rs 10.50 crore for each of these properties in Mumbai.
The e-auction of all these properties is proposed to be conducted on November 10, as per the notice issued by Yes Bank.