IDBI Bank to sell property owned by Great Indian Tamasha Company
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.
