Visakhapatnam: The Indian Bank has issued auction notice to former minister and senior TD leader Ganta Srinivasa Rao and his relatives after seizure of properties for defaulting a loan of Rs 390.7 crore obtained in the name of Pratyusha Resources and Infra Pvt Ltd in Visakhapatnam.
The notice said the bank would auction a 444-square yard property in Balayya Sastry Layout and another property in Padmanabham mandal. The e-auction for these properties would be held on April 16, 2024.
The bank issued an auction notice for the sale of immovable assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, read with provision to Rule 8 (6) of the Security Interest (Enforcement) Rules, 2002.
Pratyusha Resources and Infra Private Limited, in which Srinivasa Rao had served as director, defaulted on repayment of loan of Rs 141.68 crore. The bank had issued a demand notice on October 4, 2016. The bank issued the first e-auction notice as the company defaulted on the payment of the total outstanding amount that went up to Rs 208.68 crore on November 7, 2019.
However, the auction was postponed following an assurance given by the directors to clear the dues. Properties belonging to Srinivasa Rao and PV Prabhakara Rao, KB Subrahmanyam, Narni Amulya and Parachuri Bhaskara Rao, all directors of the company, were earmarked for auction by the bank. Assets belonging to the companies such as Pratyusha Resources and Infra, Pratyusha Global Trade and Pratyusha Estates were also attached and put up for auction.
