Yes Bank to sell property of Magnum Solution for recovery of Rs 345 cr

Yes Bank has invited bids for sale of immovable assets of a borrower, E Commerce Magnum Solution Ltd, to recover dues of over Rs 345 crore.

In an e-auction sale notice, Yes Bank said it took physical possession of the immovable properties mortgaged to it on August 29, 2020 pursuant to a demand notice issued to the borrower and mortgagor in January 2020.

The e-auction will take place under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act.

The auction is with regard to One Hughes project at Chowpatty, Mumbai of E Commerce Magnum Solution Ltd, Yes Bank said.

The bank has set the reserve price for the auction at Rs 270 crore.

"The properties will not be sold below the reserve price set by the AO (authorised officer)," it said.

The properties in possession by the bank will be sold by way of e-auction on June 15, 2021 for recovery of Rs 345.32 crore as on April 27, 2021, Yes Bank said in the notice.

Interested parties can inspect the property on working days between May 14-June 14 with prior intimation to the AO, said the lender, adding the last date for submitting the earnest money deposit (Rs 10 crore) is June 14, 2021 till 1730 hrs.

E Commerce Magnum Solution is engaged in real estate activities.