State Bank of India (SBI) is reportedly set to auction the outlets of Loot (India) - the retail store that gained popularity few years ago for selling multi- branded apparel at 25% to 50% discount. The company has stopped paying dues amounting to Rs 43 crore to country’s largest bank which has prompted them to auction the property. The bank has issued a notice to e-auction Loot (India) property located in Mumbai at Mahim for a reserve price of Rs 7.5 crore.
SBI has invited bids for the property for an online auction on June 12. The outstanding dues of the company inclusive of interest and principal are close to Rs 60 crore. The Mahim property, which would be first in line to be auctioned, is located on the ground floor having 360 square feet.
