Back in October 2014 DSK Motowheels and Benelli announced their journey and it came to end of their partnership in July 2018.
Reason for the end of the journey: During their partnership, DSK Motowheels endured bankruptcy due to its real estate entity which leads into the termination of the relationship.
Recently, Mahavir Group took over and replaced the DSK Motowheels. Mahavir Group shifted the headquarters from Pune to Hyderabad.
Totally, 47 Benelli and Hyosung bikes, as well as a manufacturing plant of DSK, came under the custody of Union Bank of India. The auction will be hosted online at bankauctions.com on the July 26th scheduled ( 11 am to 4 pm ) as a major step to recover the existing dues. In all dues amount to the debt, due with interest as on 28/ February / 2019 of Rs. 17,27,80,875.48 with further interest + Legal Expenses + further costs and expenses incurred.
Interestingly, the bikes listed include quite a few that weren’t sold in India. Keeway brand was one among in the list which was expected to be launched in India long back, but now it’s in the list to auctioned bikes as well as others that were never on sale locally. The Keeway Dorado 250, 202, Keeway RKS 150 Sport, and Keeway Blackster, Hyosung GV250 Aquila, and Hyosung 250 Exiv are on the list for the auction.
The previously tested motorcycles such as quarter-liter Benelli Zafferano 250 EFI scooter and Benelli MotoBi-250 Patagonian Eagle are also on the list. Benelli TNT 135 that was being tested back in 2017 was also in the list. There’s a single unit of the 1130cc Trek Amazonas is also up for auction.
The list comprises of other 43 bikes which include regular models as well as Benelli TNT 600 and Hyosung 250.
The bike prices range from Rs 70,000 to Rs 7.57 lakhs and the reserve price for all the motorcycles is listed with 10 percent EMD. while the bid increment amount is decided at Rs 2,000. Apart from the motorcycles, Manufacturing plant includes machinery, assembly line, equipment, furniture, spare parts of Benelli and Hyosung (Lot) is listed at EMD Rs. 2,80,00,000.00 / (Rs. 2.8 crore).
The listed movable assets are in possession of Union Bank of India under Section 13(4) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.
To recovery of mentioned dues and further interest, charges and costs, the company’s listed products are being sold by E-Auction. The sale does not come with a warranty or indemnity.