Ganta Srinivasa Rao’s flat to be auctioned by bank

VISAKHAPATNAM: Indian Bank has said it will auction properties belonging to TDP leader and Vizag North MLA Ganta Srinivasa Rao and others in a loan default case. A flat he owns in Balayyasastry layout and immovable properties registered under the name of Pratyusha Resources and Infra, and other directors of the company, will be auctioned, the bank said in a notice.

A loan amount of Rs 141.68 crore is pending from Pratyusha Resources and Infra (Pvt) Ltd, the bank said, adding that the total outstanding dues, including interest, stand at Rs 220.66 crore. Tenders for the auction will be received online from March 11 to April 15, and the e-auction will be held at 11 am on April 16.
Srinivasa Rao, earlier, said he stepped down as director of the company a few years ago and only one of his properties has been attached for auction.

The notice — to auction properties of Pratyusha Resources and Infra, P Raja Rao, representing Pratyusha Resources and Infra, PV Bhaskara Rao, Ganta Srinivasa Rao and KB Subrahmanyam — was issued under the Securitisation and Reconstruction of Financial Estates and Enforcement of Security Interest Act.

Indian Bank officials seized the properties on December 27, 2016 and February 21, 2017, and issued a possession notice on November 17, 2019 as the borrowers didn’t respond to their demand notice. The auction notice, dated March 5, 2020, said six properties in Visakhapatnam, one each in Rangareddy district of Telangana and Kancheepuram in Tamil Nadu, and two in East Godavari were earmarked for auction.