Syndicate Bank to auction GVK group’s property

According to a public notice issued by the bank on Thursday, the Reserve Price of the property that is spread across the 2,500 acres SEZ, is over Rs 257 crore. As there were no bidders for the first auction, notice for which was issued in January, a fresh notice for e-auction has been issued and it will be held on March 27, a senior bank official, who oversees the auction process, said. 

According to the notice, GVK Power and Infrastructure Ltd paid about Rs 8.9 crore to the bank between September 2016 and February this year, after it received a notice for Rs 156.76 crore from the bank in December 2015. The dues, including interest, which currently stood at Rs 175.08 crore. A GVK spokesperson, when contacted, said they are working out a solution to clear the dues.