TDP leader Ganta Srinivasa Rao’s assets are going to be auctioned by the banks over non-payment of loan. Going into details, Prathyusha Resources and Infra company which is associated with Ganta, took a loan of Rs 209 crore from Indian bank. However, the company failed to repay the loan despite repeated appeals.
Over defaulting payment, the bank has seized Ganta’s assets earlier and last month on October 4th, they have served notices to Ganta as well. With no response from the TDP MLA, the bank has decided to go for auction of assets which are under their control.
On December 20th, Indian bank will hold the auction. The total loan given by bank is Rs 209 crore whereas the assets that will go for auction are just Rs 35.35 crore. How will the bank recover the rest of the amount is a million Dollar question.
Ganta is maintaining a stoic silence on his whole episode till date. He might move to the court over the auction of the assets.
