Indore (Madhya Pradesh): In its reply submitted in MP High Court, the Debt Recovery Tribunal (DRT) has described its valuation of closed down Hukumchand Mills land as correct.
With this, the Indore bench continued its stay on auction of the land and fixed the next date for hearing on August 1. The auction which was scheduled on July 29 stands postponed.
The DRT is to auction 42.49 acres of Hukamchand Mills land in Indore. More than half a dozen notices for auction have been issued to sell the land of Hukamchand Mills, but the land could not be sold till date.
In 2016, the DRT had pegged the reserve price of the 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 objected to the reduced price.
The court stayed the auction process while seeking a response from the DRT at the last hearing. The DRT filed its reply on Monday.
