Hukumchand Mills case: DRT ‘fails’ to tell HC how land price had decreased instead of increasing

Indore (Madhya Pradesh): The Debt Recovery Tribunal (DRT), which was to tell the Indore Bench of Madhya Pradesh High Court how estimated value of closed down Hukumchand Mills’ land had decreased instead of increasing in six years, has sought more time to file a reply. The court granted its prayer and fixed the next date of hearing on July 25.

Meanwhile, Indore Municipal Corporation also submitted an application regarding underestimation of land value by DRT. The DRT is to auction 42.49 acres of Hukamchand Mills in Indore. More than half a dozen notices for auction have been issued to sell the land of Hukamchand Mill, but the land could not be sold till date.

In 2016, the DRT had pegged the reserve price of the mill’s land at Rs 400 crore, but, in the recently floated tender, it was kept at only Rs 385 crore. After changing the land use from industrial to residential and commercial, it was expected that the land would be sold easily. But, due to the recent auction release issued by the DRT, the process got stuck as mill workers took objection to the reduced price.

The court had stayed the auction process while seeking a response from the DRT at the last hearing. The DRT’s reply was expected on Wednesday but it has sought time.

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