Sunny Deol's bungalow to be auctioned for Rs. 56cr recovery
What's the story
Sunny Deol, who is currently reveling in the success of Gadar 2, appears to be in trouble!
Recent reports suggest his Mumbai bungalow—Sunny Villa—is likely to be auctioned by the Bank of Baroda to recover a nearly Rs. 56 crore loan.
On Sunday, the bank issued a notice in a national newspaper stating that Deol's property is scheduled to be e-auctioned on September 25.
Details
Deol reportedly took loan of Rs. 55.99cr
As per the notice, Ajay Singh Deol (Deol) had taken a loan of Rs. 55.99cr from the bank, and he also acted as a guarantor for this loan.
The bank has mentioned that his bungalow—located on Gandhigram Road in Mumbai's Juhu—will undergo a virtual auction to recover the amount he owes.
Additionally, the bank is seeking to recover the interest levied on the loan.
Reason
Reason for Deol's mortgage
Deol's bungalow reportedly served as the headquarters for Sunny Super Sound (his office) and also housed a preview theater and two post-production suites.
This office has been in operation since the late 1980s.
Reportedly, Deol mortgaged his studio to secure funds for his directorial project—Ghayal Once Again (2016).
To settle his dues to financiers, he opted for a loan using this bungalow as collateral.
Statement
'In process of resolving issue': Deol's representative
Reportedly, Deol's property, which is slated for virtual auction, spans an area of 599.44 square meters.
The Bank of Baroda has set a reserve price of Rs. 51.43 crore for the auction, with an earnest money deposit of about Rs 5.14 crore, reported India Today.
Meanwhile, in response to the situation, Deol's representative stated, "We are in the process of resolving this issue."
Process
Process of virtual auction
In the virtual auction, the highest bidder will reportedly acquire the symbolic possession of Deol's villa.
Once approved by the concerned district magistrate, the bidder gets the property's physical possession—the procedure of which may take several months to a few years.
In the midst of these developments, Deol's unstoppable Gadar 2 continues to dominate the box office—amassing Rs. 337cr within just nine days.