Assets Of DC Design To Be Auctioned Off

DC is India's one of the most popular design house named after its owner Dilip Chhabria. This design house was founded back in 1993 and specializes in automobile design and modification. A recent report from Pune Mirror states that the Pune-based Cosmos Cooperative Bank will soon auction the main design office of Dilip Chhabria for loan defaulting. The report suggests that DC has defaulted on a loan amount of Rs 37.20 crore. Speaking on the property auction, the Cosmos Cooperative Bank said in a Marathi newspaper that they will e-auction the 4,111 square meters property at Bhugaon near Pune, which is named after Kanchan Chhabria, Director at the firm.

A recent report from Pune mirror states that the Pune-based Cosmos bank will soon auction the main design office of Dilip Chhabria for loan defaulting.

The DC property will be mortgaged by the bank on 27th of June and the initial price of the auction has been set at Rs 3.85 crores. DC Design has been suffering from financial constraints from some time now. A company named as Minda Capital has filed a bankruptcy appeal against DC design in the National Company Law Tribunal (NCTL) for loan default. NCTL admitted Minda's petition and also appointed an interim resolution expert to oversee the insolvency procedures. The owner of DC Design, Dilip Chhabria, graduated from the Art Centre College of Design in California. Afterwards, he started working with General Motors and then returned to India in the 1980s. Initially, he started a car accessory company but his immense love for automobile design led him to establish DC Design. The company is popular for the creation of India's first supercar, the Avanti. It is also quite well known for converting the car's interior into a lounge-like area.

The DC property was mortgaged by the bank on 27th of June and, the initial price of the auction is set at Rs 3.85 crores.

DC Design has even designed vanity vans for some popular stars like Shahrukh Khan, Salman Khan, Kapil Shama, Sanjay Dutt and many more. Talking about DC Avanti, it is a two-seater sports car which is powered by a 2.0-litre, BSIV compliant petrol motor that churns out power and torque outputs of 250 Bhp at 5500 rpm and 340 Nm at  2750-5000 rpm, respectively. The car can touch an electronically restricted top-speed of 200 kmph and, it can sprint from 0-100 in just 6-seconds. The sportscar carries a price tag of Rs 35.93 Lakh (ex-showroom, Pune).