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By MAYURA JANWALKAR, 25/02/2011
Court clears PAL-Peugeot shoot down sale for Rs 726 crore
Caught in a legal tangle for over a decade, the 180 commonwealth owned by the sometime(prenominal) PAL-Peugeot automobile company has been sold. After confirming the sale of cxxxv acres for Rs 601 crore last month, the Bombay High Court on thorium confirmed the sale of the remaining 45 acres for Rs one hundred twenty-five crore. Real estate experts said the deal, bagged by Metropolitan down the stairs Housing Private Limited (MIHPL) a subsidiary of jambon India
may be slightly on the higher side. The sum total cost of 180-acre property in Kalyan-Dombivali is Rs 726 crore. The state government had preliminary claimed 75 per cent proceedings from the sale of 45 acres of the liquidated companys land, stating it was cattle grazing land. In March 2008, the High Court divided the land into two parts acres (part B) crore more than its closest competitor, Neptune Group. Kaustuv Roy, director, Cushman and Wakefield, said: At this time when funding is tight, this is a good indication and a continuation of the good land transactions that we have seen in Mumbai over the past 6 months.
He added that although the deal may be slightly on the higher side getting such a boastful piece of land in the Kalyan-Dombivali area for development is otherwise very difficult. The confirmation of the sale also puts an end to the judicial proceeding over the land that was vested with the court contactr after PALPeugeot went unwrap in 1997. The company had defaulted on loans from various banks and financial institutions. ICICI Bank, regent of the consortium of banks that lent money to the company, had filed a suit against the receiving system for recovery of dues. The sale also clears the decks for the payment of dues to 1,725 workers of the company. Although 300 workers died duration the land went through six unsuccessful auctions, their families will receive the wages...If you want to get a full essay, order it on our website: Orderessay
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