Allahabad Bank to auction RNA Corp's Mumbai HQ to recover dues
The property is located next to the Suburban Collector’s office and houses the corporate office of Anubhav Aggarwal, the managing director of RNA Corp
In further proof of builders facing the heat in Mumbai, the office of RNA Corp, one of the leading developers in Mumbai, at RNA Corporate Park in Kalanagar, Bandra (East), is scheduled to be auctioned by Allahabad Bank to recover dues of Rs 88.08 crore.
The property is located next to the Suburban Collector’s office and houses the corporate office of Anubhav Aggarwal, the managing director of RNA Corp. The bank has put up a Notice of Sale of the property on its website.
The developer has been facing the heat for a while with the Economic Offences Wing of the Mumbai police registering two FIRs against RNA developers for cheating flat buyers by not giving them possession of their flats. In April this year, the EOW lodged an FIRagainst the builder for duping 150 buyers by promising them flats in RNA Address project in Kalina. In June, another FIR was lodged against Skyline Constructions, a subsidiary of RNA developers, for duping 111 flat buyers to the tune of Rs 120 crore.
According to the bank notice, an e-auction of the basement area and the second, fourth and fifth floors of the property, which is mortgaged with the bank, is scheduled to be held on January 19, 2018. The auction would be conducted through E-Procurement Technologies Ltd, which auctions properties through the website Auctiontiger.net.
The auction would be carried out as per Section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. The provision empowers a secured creditor to take possession of the secured assets of the borrower and sell them to recover money.
According to the notice, RNA Corp had outstanding dues of Rs 46.58 crore with Allahabad Bank and, with interest and other charges, the amount works out to Rs 88.08 crore. Along with Anubhav Aggarwal, the notice also names Gokul Aggarwal and Saranga Aggarwal, who are directors of RNA Corp.
Asked about the details of the pending dues, KR Meena, the authorised officer of Allahabad Bank, responsible for carrying out the auction process, said, “I am not aware about the details of when these loans were given to RNA Corp. Please refer to the notice.”
This is not the first time the developer has faced such action. The State Bank of India had given a similar e-auction notice under SARFAESI provisions to RNA group company AA Estates Pvt Ltd in February 2016 to recover Rs 61.50 crore. The Bank of India has issued a possession noticed in February 2016 under SARFAESI to recover dues of Rs 58.18 crore.
Despite repeated attempts to reach Anubhav Aggarwal for his comments, he did not respond to phone calls, text messages or WhatsApp messages. Mirror also attempted to get in touch with the developer through their PR agency, but they were also unable to get in touch with him.
- Satish Nandgaonkar in ET Realty
In further proof of builders facing the heat in Mumbai, the office of RNA Corp, one of the leading developers in Mumbai, at RNA Corporate Park in Kalanagar, Bandra (East), is scheduled to be auctioned by Allahabad Bank to recover dues of Rs 88.08 crore.
The property is located next to the Suburban Collector’s office and houses the corporate office of Anubhav Aggarwal, the managing director of RNA Corp. The bank has put up a Notice of Sale of the property on its website.
The developer has been facing the heat for a while with the Economic Offences Wing of the Mumbai police registering two FIRs against RNA developers for cheating flat buyers by not giving them possession of their flats. In April this year, the EOW lodged an FIRagainst the builder for duping 150 buyers by promising them flats in RNA Address project in Kalina. In June, another FIR was lodged against Skyline Constructions, a subsidiary of RNA developers, for duping 111 flat buyers to the tune of Rs 120 crore.
According to the bank notice, an e-auction of the basement area and the second, fourth and fifth floors of the property, which is mortgaged with the bank, is scheduled to be held on January 19, 2018. The auction would be conducted through E-Procurement Technologies Ltd, which auctions properties through the website Auctiontiger.net.
The auction would be carried out as per Section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. The provision empowers a secured creditor to take possession of the secured assets of the borrower and sell them to recover money.
According to the notice, RNA Corp had outstanding dues of Rs 46.58 crore with Allahabad Bank and, with interest and other charges, the amount works out to Rs 88.08 crore. Along with Anubhav Aggarwal, the notice also names Gokul Aggarwal and Saranga Aggarwal, who are directors of RNA Corp.
Asked about the details of the pending dues, KR Meena, the authorised officer of Allahabad Bank, responsible for carrying out the auction process, said, “I am not aware about the details of when these loans were given to RNA Corp. Please refer to the notice.”
This is not the first time the developer has faced such action. The State Bank of India had given a similar e-auction notice under SARFAESI provisions to RNA group company AA Estates Pvt Ltd in February 2016 to recover Rs 61.50 crore. The Bank of India has issued a possession noticed in February 2016 under SARFAESI to recover dues of Rs 58.18 crore.
Despite repeated attempts to reach Anubhav Aggarwal for his comments, he did not respond to phone calls, text messages or WhatsApp messages. Mirror also attempted to get in touch with the developer through their PR agency, but they were also unable to get in touch with him.
- Satish Nandgaonkar in ET Realty
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