Revenue dept to again auction seized propertiesUpdated: Feb 14, 2020 22:27 IST
Noida: District revenue department of Gautam Budh Nagar is going to auction seized properties after the previous attempt failed to attract bidders. The department has been trying to achieve their target of recovering dues of around ₹650 crore through the auction as well as recoveries against notices.
Recently, the department submitted its report on the procedure and planning to start e-auction of attached properties to recover money from defaulters and to attract maximum bidders from all over the country.
“We had a meeting with the officials of state revenue board and explained to them the whole procedure and the requirement of having an online auctioning to get better prices. We have been told that as soon we get the permission, as the proposal is pending for discussion at the board, we can go forward with the activity,” Munindranath Upadhayay, additional district magistrate, finance, Gautam Budh Nagar, said.
The properties which need to be auctioned are worth around ₹30 crore. There are around 10 properties in Noida and Greater Noida which have been seized by the revenue department after defaulters failed to clear recovery certificates issued against them.
The department had issued recovery certificates to the tune of around ₹1,200 crore which was supposed to be recovered by the revenue department for the year 2019-20. Recovery certificates worth ₹550 crore have been stayed by the court and the National Company Law Tribunal, thereby reducing the target of Gautam Budh Nagar’s revenue department to ₹650 crore.
Around ₹170 crore has been recovered until now. Of the pending ₹650 crore dues, around ₹254 crore has to be recovered from the Pan Oasis group.
Officials have been trying to recover maximum dues to achieve their target by March-end which is the financial year ending. “We are going to go ahead with auctioning of seized properties as we didn’t get bidders in the previous attempt. We are expecting that we will get the permission to start e-auctioning before March-end as it can help us in achieving our target. We are taking all the action required to recover our money,” Upadhayay said.
The department has been trying to start e-auctioning since November last year.