Yes Bank to sell property of Magnum Solution for recovery of Rs 345 cr

Yes Bank has invited bids for sale of immovable assets of a borrower, E Commerce Magnum Solution Ltd, to recover dues of over Rs 345 crore.

In an e-auction sale notice, Yes Bank said it took physical possession of the immovable properties mortgaged to it on August 29, 2020 pursuant to a demand notice issued to the borrower and mortgagor in January 2020.

The e-auction will take place under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act.

The auction is with regard to One Hughes project at Chowpatty, Mumbai of E Commerce Magnum Solution Ltd, Yes Bank said.

The bank has set the reserve price for the auction at Rs 270 crore.