The Karanataka High Court has issued a stay order against the auction of SV Rajendra Singh Babu's RT Nagar residence. The director had taken a loan amount of Rs. 1.5 crore from the State Bank of India in 2007. But the bank had recently decided to sell his house in RT Nagar, when ha failed to pay the installments.
Following the the banks' decision, Rajendra Singh Babu had approached the Karnataka High Court and requested it to stop the auction. After looking into his appeal, the Court has sent a notice to the SBI to stop the auction process. Meanwhile, it has also warned Babu to pay Rs. 30 lakhs before August 06.
Talking about the High Court notice, Rajendra Singh Babu admits the reports of auctioning his house over unpaid installments. He says that he has assured the Court to pay Rs. 30 lakhs within August 06. However, it should be recalled here that his movie Bhimoos Bang Bang Kids, which has competed its shooting more than a year back, is delayed over some financial problem.