IDBI Bank-led lenders group set to sell property owned by Great Indian Tamasha Company

New Delhi: IDBI Bank-led syndicate of lenders has invited bids via e-auction to sell the property of Great Indian Tamasha Company, which was steering the entertainment and theatre destination ‘Kingdom of Dreams’ in Gurugram.

The Great Indian Tamasha Company was the corporate warrantor of the Great Indian Nautanki Company.

The group has invited bids under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), in order to recover loans accumulated about Rs 92.69 crore as on May 1, 2022.

As per the listed guarantors and directors by the bank

Anumod Sharma, Anu Appaiah, Viraf Sarkari, Sanjay Chaudhary, Great Indian Tamasha Company, SG Investments and Wizcraft International Entertainment are listed as the guarantors and directors by the bank.

3 banks given loan to Great Indian Nautanki Company. For buying a property by Great Indian Tamasha Company. Tamasha Co is also a guarantor. Now it’s #NPA. Didn’t the names ring any bell? ⁦@IDBI_Bank⁩ ⁦@HDFC_Bank⁩ ⁦@bankofbaroda⁩ pic.twitter.com/Oq481QSza4

— Tamal Bandyopadhyay (@TamalBandyo) June 20, 2022

A process document issued by the bank says, “Due to the defaults committed by GTL in terms of the financing documents executed by GTL with lenders and in accordance with the rights of the lenders arising therefrom and applicable laws…the lenders have decided to dispose of the Secured Assets (Immovable Properties) of GTL”.

The bank further said that the sale of Secured Assets is on ‘As is where is basis”. “As is what is basis”, “whatever there is basis” and “no recourse basis” for and on behalf of the Secured Creditors viz.- IDBI Bank Ltd. Bank of Baroda and HDFC Bank.

“The aforesaid property shall not be sold below the reserve price mentioned above i.e. Rs 1,153 lakh. The sale shall take place on the expiry of thirty days from the date of publication of this notice (June 19, 2022)”, it added.

The land assets to be sold happen to be in the Kodagu district of Karnataka.

If reports are to be believed, a petition was filed by the consortium of lenders led by IDBI Bank in the National Company Law Tribunal (NCLT) seeking to adduce bankruptcy proceedings against loan borrower Great Indian Nautanki Company Private Limited for lacking to pay nearly 60 crore rupees.