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The consortium intends to sell the company's secured assets, which included the Kingdom of Dreams in Gurugram, under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), in order to recover dues totaling about Rs 7,250 crore by the end of 2021.
New Delhi: An IDBI Bank-led consortium of lenders has invited bids/offers for the sale of the Great Indian Tamasha Company's property in Gurugram, which included the live entertainment, leisure, and theatre destination Kingdom of Dreams.
The consortium intends to liquidate GTL Ltd's secured assets under the terms of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) in order to recover dues totaling approximately Rs 7,250 crore as of December 31, 2021.
According to the bank's notice, the guarantors and directors are Anumod Sharma, Anu Appaiah, Viraf Sarkari, Sanjay Chaudhary, Great Indian Tamasha Company, SG Investments, and Wizcraft International Entertainment.
As of May 1, 2022, the unpaid dues of IDBI Bank are Rs 92.69 crore (plus interest thereon with effect from May 2, 2022). The land lots for sale are in the Kodagu district of Karnataka.
According to the bank's process document, "due to GTL's defaults in terms of the financing documents executed by GTL with lenders, and in accordance with the lenders' rights arising therefrom and applicable laws...the lenders have decided to dispose of the Secured Assets (Immovable Properties) of GTL."
The sale of Secured Assets is on an "as is, where is" basis, according to the bank. For and on behalf of the Secured Creditors, namely IDBI Bank Ltd., Bank of Baroda, and HDFC Bank, "as is what is basis," "whatever there is basis," and "no recourse basis."
The aforementioned property will not be sold for less than the reserve price, which is Rs 1,153 lakh.
The sale will take place thirty days after the date of publication of this notice has passed (June 19, 2022).
At the time of sale confirmation, the successful bidder will be required to deposit 25% of the sale price (minus the amount of EMD deposited). The remaining balance of the sale price must be paid within 15 days after the AO's confirmation of the sale, or such longer term as the AO may agree to.
The deposited amount, including earnest money, will be forfeited if the balance amount is not deposited within the specified time frame.
Furthermore, the successful bidder will be responsible for all costs associated with the transfer of the secured asset, including stamp duty, registration, expenditures, and any tax liabilities that may arise.
Meanwhile, in May 2021, the National Company Law Tribunal (NCLT) granted IDBI Bank's petition to initiate Insolvency and Bankruptcy proceedings against Wizcraft International Entertainment Private Limited for failing to pay around Rs 60 crore, an amount that the original loan borrower, Great Indian Nautanki Company Private Limited (GINCL), had failed to pay.
The bank claimed that Wizcraft, as the corporate guarantor for the loan it gave to GINCL, had given an "unconditional and unrecoverable" Corporate Guarantee, promising to pay any amounts due by the borrower — GINCL — without delay upon demand.
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