E-Paper
Hotel James Plaza auctionfinds no bidder
The hotel was put up for auction over the owners’ non-payment of a loan of over ₹130 crore
Friday’s e-auction of Hotel James Plaza, Sector 17, didn’t see even a single bidder.
The auction was organised between 10am and 3pm on the the e- Auction platform http://www.bankeauctions.com, with a reserve price of ₹153 crore.
The hotel was put up for auction over the owners’ non-payment of a loan of over ₹130 crore.
The order in this regard was passed by the National Company law Tribunal (NCLT) on November 17, 2018, on the petition of Punjab National Bank and Asset Reconstruction Co Ltd (Arcil), a bad loan restructuring firm.
On the directions of the NCLT-appointed liquidator, an e-auction notice was issued last month, which read, “Sale of Business of Corporate debtor (M/s James Hotel Ltd.)… with all its assets including land measuring 9,602 sq yards, having 138 rooms, plant, machinery and other current assets including fixed deposits in the name of the corporate debtor.”
But, the liquidator, Navneet Gupta, didn’t receive any bid for the hotel. He didn’t respond to repeated calls.
Interested bidders were invited to submit the Expression of Interest along with non-refundable process participation fee of ₹2.50 lakh plus GST (presently 18%).
