Canara Bank to auction PVP properties to recover loan

Amaravati: The Canara Bank is getting ready to auction the properties of YCP leader Potluri Vara Prasad (PVP), as part of recovering the loan amount of Rs 148.90 crore.

Previously, PVP Capital Limited had taken a loan from the Canara Bank, and later became a defaulter. The non-payment loan amount has reached to Rs 148.90 crore along with interest.

Over not responding to the notices, the bank officials have decided to auction off the assets. In 2003, PVP Capital took the loan from the bank for which PVP and his wife Jhansi has given the surety. Their another company, PVP Ventures Limited, also agreed to be a corporate guarantor.

In a statement, the bank officials said they have decided to auction 24,355.29 square meters of land belongs to the company in Perambur village near Chennai to recover the loan amount.