After actor turned politician Vijayakanth and his wife Premalatha failed to clear the loan worth rupees 5.5 crore rupees which they borrowed from Indian Overseas Bank, officials have now issued a notice to auction their properties on July 26. If Vijayakanth and Premalatha repay the loan before July 26, their properties can be saved from the auction procedure. While interacting with the media, Premalatha said that they borrowed the money to improve the infrastructure of their engineering college. She also added that almost all the engineering colleges in Tamil Nadu are suffering a huge loss so their Andal Alagar Engineering college is not the only institution going through this tough phase. Premalatha also assured that they will legally settle the issue before July 26.