Mumbai, May 06 In a development to the PAL-Peugeot land deal in Kalyan-Dombivli, the Bombay High Court on Tuesday has ordered that the winning bidder and debenture holders be allowed to inspect the land valuation reports before proceeding with the case. The case has been adjourned to June 6.
Last month, Citra Developers — an India Bulls real estate subsidiary — quoted the winning bid of Rs 676 crore for the 134-acre land owned by the PAL-Peugeot. The firm, a joint venture of Premier (the makers of premier padmini cars) and French car maker Peugeot, is now under liquidation. The bid was to be confirmed by the high court that had ordered an auction following a suit filed by the ICICI Bank for recovery of dues. The company owes money to several creditors as well as thousands of workers who haven’t been paid their dues since the company was shut down 10 years ago.
Recently, the court found that the winning bid was much below the reserve price of Rs 1,650 crore. On Tuesday, the developer disputed the reserve price following which the court directed court receiver K L Vyas to allow the Citra Developers and the ICICI Bank to inspect the valuation reports. “The three valuation reports that have been tendered to the court are the bases on which the reserve price has been fixed. It seems implausible that the reserve price for this piece of land could be fixed at such high rates,” said senior advocate Janak Dwarakadas while appearing for the developer. He added that the inspection would be conducted on Thursday.
The 134-acre land includes godowns at Kalyan and other structures at Ghairvali, Usargar, and Sonarpada in Dombivli. Another 45-acre land owned by the company has been claimed by the government. “We bought the land as it is a good asset in the suburbs of Mumbai. We believe that the price paid by us is apt,” said Gagan Banga, director of Indiabulls, which had successfully bid for the Jupiter Mills plot at Elphinstone Road for Rs 276 crore in 2005.
Express News Service
Posted online: Wednesday, May 07, 2008 at 02:21:31Updated: Wednesday, May 07, 2008 at 02:21:31
About Me
- Kamal Kumar Pandey (Adv. Supreme Court of India)
- Lawyer Practising at Supreme Court of India. Court Experience: Criminal, Civil & PIL (related to Property, Tax, Custom & Duties, MVAC, insurance, I.P.R., Copyrights & Trademarks, Partnerships, Labour Disputes, etc.) Socio-Legal: Child Rights, Mid Day Meal Programme, Sarva Shiksha Abhiyaan, Women Rights, Against Female Foeticide, P.R.Is, Bonded Labour, Child labour, Child marriage, Domestic violence, Legal Literacy, HIV/AIDS, etc. Worked for Legal Aid/Advise/Awareness/Training/Empowerment/Interventions/Training & Sensitisation.
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