Business & Finance

“Didn’t The Name Ring Bells?”; IDBI To Auction Property Owned By Great Indian Tamasha Company

Tamasha

The Great Indian Tamasha Company was the Great Indian Nautanki Company’s corporate guarantor. Due to loan defaults, IDBI Bank is seeking bids under the SARFAESI Act.

According to reports, the IDBI Bank has launched an e-auction for the sale of the Great Indian Tamasha Company’s property, which included the Kingdom of Dreams in Gurugram.

The Great Indian Tamasha Company was the Great Indian Nautanki Company’s corporate guarantor. Due to loan defaults, IDBI Bank is seeking bids under the SARFAESI Act.

Anumod Sharma, Anu Appaiah, Viraf Sarkari, Sanjay Chaudhary, Great Indian Tamasha Company, SG Investments, and Wizcraft International Entertainment are mentioned as guarantors and directors.

As of May 1, 2022, the unpaid dues of IDBI Bank is Rs 92.69 crore.

The land lots for sale are in the Karnataka district of Kodagu.

According to media reports, the National Company Law Tribunal (NCLT) accepted a petition filed by IDBI Bank Ltd. in May last year, seeking 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 alleged that Wizcraft being the corporate guarantor to the loan it granted to GINCL had issued an “unconditional and unrecoverable” Corporate Guarantee by which it undertook to pay forthwith upon demand without any demur all amounts payable by the borrower — GINCL. The bank even issued proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, in this matter, the reports said.

Author Tamal Bandyopadhyay took to Twitter to share the newspaper notification of the auction. Mr Bandyopadhyay wrote: “3 banks given loan to Great Indian Nautanki Company. For buying a property by Great Indian Tamasha Company. Tamasha Co is also a guarantor. Now it’s NPA. Didn’t the names ring any bell?”

Renowned financial journalist Sucheta Dalal, quote tweeting Bandyopadhyay, said: “My god… this is not a joke!!”

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