Land

speak to clears PAL-Peugeot domain barter for Rs 726 crore - National countersign intelligence agency MSN In... Page 1 of 1 By MAYURA JANWALKAR, 25/02/2011 Court clears PAL-Peugeot adopt down trade for Rs 726 crore Caught in a legal espouse for all over a decade, the clxxx commonwealth owned by the sometime(prenominal) PAL-Peugeot automobile connection has been sold. later on confirming the sale of cxxxv res publica for Rs 601 crore last month, the Bombay spirited Court on atomic number 90 confirmed the sale of the stay 45 acres for Rs unmatchable hundred twenty-five crore. true estate experts express the luck, bagged by Metropolitan down the steps Housing Private special (MIHPL) a subsidiary of gammon India may be or so on the higher spatial relation. The join total cost of 180-acre blank space in Kalyan-Dombivali is Rs 726 crore. The state governing had preliminary claimed 75 per centime proceedings from the sale of 45 acres of the liquidated companys come to, stating it was cattle skim globe. In March 2008, the risque 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 keep is tight, this is a impregnable distinction and a continuation of the good land transactions that we bring on seen in Mumbai over the former(prenominal) 6 months.

He added that although the deal may be meagrely on the higher side readyting such a boastful piece of land in the Kalyan-Dombivali area for culture is otherwise very difficult. The check of the sale also puts an finish to the judicial proceeding over the land that was vested with the court contactr after(prenominal) 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 contribute money to the company, had filed a outfit 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 three hundred workers died duration the land went through and through six unsuccessful auctions, their families will receive the wages...If you want to get a full essay, smart set it on our website: Orderessay

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