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Home / Cities / Pan Oasis yet to pay ₹254cr dues, officials look for properties to attach

Pan Oasis yet to pay ₹254cr dues, officials look for properties to attach

cities Updated: Jan 24, 2020 20:20 IST
Preety Acharya
Preety Acharya
Hindustantimes

Noida: The revenue department of Gautam Budh Nagar district has written to the registrar’s office seeking the details of properties owned by Pan Oasis realty group or its top management.

According to officials, Pan Oasis is a project in sector 121 of Noida. A recovery certificate was issued against the company last October. The department has to recover around ₹254 crore from the group.

The department has to act on recovery certificates amounting to around ₹1,200 crore for year 2019-2020. Recovery certificates worth ₹550 crore have been stayed by the court and National Company Law Tribunal reducing the target of Gautam Budh Nagar’s revenue department to ₹650 crore. Over ₹140 crore have been recovered till now, officials said.

The officials said of the ₹650 crore, ₹254 crore is required to be recovered from Pan Oasis. The officials have been trying to recover the maximum dues before the financial year closes in March.

“A major chunk of the money that needs to be recovered is from the Pan Oasis group. The Noida authority has issued the recovery certificate (RC) against the group,” Rajiv Rai, subdivisional magistrate, Dadri, said.

“We have recovered around ₹140 crore so far, and in the coming two months, we are expecting to recover more through extensive drives. We have written to the registrar’s office to find out the assets belonging to Pan Oasis. We have also written to banks to launch a drive to ascertain the firm’s investments and accounts across the country,” Rai said.

There are 17 directors of the group from whom officials will be trying to recover the money. In November 2019, the director of Pan Oasis, Amit Chawla, was arrested by the administration after he allegedly failed to pay the dues.

Multiple RCs were issued against the company director after which the arrest took place. Rajeev Gupta, general manager (marketing), Pan Oasis, said, “We are already in talks with the Noida authority. The pending amount should be much lesser. I can’t say much else on the issue.”

Chawla had paid around ₹5 crore after the RC was issued in order to avoid the arrest but the amount was too little in comparison to the dues of ₹254 crore.

The district administration is also in the process of coming up with an e-auctioning platform to auction the attached properties of various builders and other defaulters. Officials believe that this initiative will help them in reaching out to bigger number of interested bidders from all over the country.