Bank of Baroda (BoB) has issued a notice to Bollywood actor Sunny Deol for auctioning his villa in Mumbai’s Juhu citing non-payment of dues amounting to nearly Rs 56 crore.
In a notice published in a national newspaper on August 19, 2023, BoB said the villa will be e-auctioned on September 25 due to non-payment. As per the notice, Deol, whose real name is Ajay Singh Deol, is the borrower and guarantor of the loan and has allegedly failed to pay the amount to the bank on time.
According to the rules, a loan becomes a non-performing asset (NPA) if there is no repayment of interest and principal for a period of 90 days. Banks need to set aside money to cover likely losses from such loans and they typically auction such properties to recover the amount.
The loan was taken for the purpose of film financing in 2016, and it is an NPA since last year December 2022,
The development comes in the backdrop of a recent mega release of Deol’s movie. ”Gadar 2”, starring him and Ameesha Patel, which has crossed Rs 300 crore mark at the domestic box office on August 19.