All Set For Ganta’s Assets Auction

For the second time in six months, Indian Bank has put up assets belonging to TDP MLA Ganta Srinivasa Rao for e-auction in connection with loan evasion case.

The TDP MLA has served as director for Pratyusha Resources and Infra Private Limited and this company took a loan of Rs 141.68 crore from Indian Bank. In 2016, the bank had asked to clear the loan but the company belonging to Ganta failed to make payment. Since the payment was not made, the outstanding amount went up to Rs 220.66 crore with interest as on March 2, 2020. Now the outstanding amount stands at Rs 248.03 crore.

The latest e-auction will be held on November 25th and here are the following assets that are put up for auction.

  • Commercial Building named ‘Pratyusha Associates’ on Ganguly Street in the city. The value of this property is said to be Rs.154.72 lakhs.
  • Flat at Triveni Towers in Balaiah Shastri Layout, Visakhapatnam named after Ganta Srinivasa Rao and another flat named after P. Rajarao covering an area of 444 square yards which is valued at Rs. 150.75 lakhs.
  • 503.53 square yards of land named after KB Subrahmanium at Rushikonda village under Endada revenue village and its value is Rs. 171.21 lakhs.
  • Property in Sreesanth Complex, First Line, Dwaraka Nagar, Named ‘Pratyusha Associates’ (Reserve Value Rs. 94.19 Lakhs).
  • 6,000 square yards of land (Rs. 240 lakhs) in Sholinga Nallur in Kanchipuram district of Tamil Nadu under the name of PV Bhaskara Rao
  • Pratyusha Associates Shipping has a 1101 sq ft property (Rs. 308.46 lakhs) in Sambamurtinagar, Kakinada, East Godavari District and another 333.33 sq. Yards of property worth Rs. 66.67 lakhs.
  • 4.61 acres of land in the name of PV Bhaskara Rao in Anandapuram mandal Vemulavalasa (Rs. 2103.07 lakhs).
  • Flat of Pratyusha Resources and Infra in Lanco Hills, Manikonda, Hyderabad. This property value is Rs. 247.69 lakhs.