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Indian Bank to auction Ganta's Assets?
By: Tupaki Desk | 31 Dec 2016 6:50 AM GMT
Indian Bank attached assets of AP HRD Minister Ganta Srinivasa Rao for being a guarantor to the loan borrowed by Pratyusha Resources and Infra Limited. While the loan amount is Rs 141.68 crore, The debt is about s 196.51 crore as on December 13th this year including the interest.
Properties belonging to Pratyusha Resources and Infra Limited Directors and Two More Guarantors have also been seized by the Indian Bank.
Ganta Srinivasa Rao claimed he stood as guarantor in good faith but Directors had defaulted. He, however, promised to take the responsibility of repaying the loan if the defaulters doesn't come forward to pay. But, The total assets of Ganta is said to be anywhere between Rs 80 to 100 crore.
Pratyusha Resources and Infra Limited has borrowed more amount than surety they have submitted and the difference is almost Rs 100 crore. Even slump in Real Estate following demonetisation is also worrying the banks. They were unable to estate how much amount does the seized assets would fetch in the current situation. Yet, Indian Bank has decided to auction the assets.
Properties belonging to Pratyusha Resources and Infra Limited Directors and Two More Guarantors have also been seized by the Indian Bank.
Ganta Srinivasa Rao claimed he stood as guarantor in good faith but Directors had defaulted. He, however, promised to take the responsibility of repaying the loan if the defaulters doesn't come forward to pay. But, The total assets of Ganta is said to be anywhere between Rs 80 to 100 crore.
Pratyusha Resources and Infra Limited has borrowed more amount than surety they have submitted and the difference is almost Rs 100 crore. Even slump in Real Estate following demonetisation is also worrying the banks. They were unable to estate how much amount does the seized assets would fetch in the current situation. Yet, Indian Bank has decided to auction the assets.
