Gujarat HC Orders Auction of Mahendra Mills Land, Sets Rs 175 Crore Base Price
AI-Generated Summary
The Gujarat High Court has ordered the e-auction of Mahendra Mills Ltd's land in Kalol, Gandhinagar, after 26 years of closure, setting a base price of Rs 175 crore. This decision aims to settle outstanding dues for 1,650 workers who have been awaiting payments since 1999. Previous attempts to sell the land failed, and only a fraction of the workers' Rs 17.08 crore dues has been disbursed so far from other assets.
In a nutshell
This ruling marks a significant step towards resolving a long-standing dispute and providing justice for 1,650 workers who have waited over two decades for their rightful dues. The court's meticulous approach in re-evaluating the land and setting a higher base price also reflects an effort to maximize recovery for all creditors involved in the liquidation process.
Source: Times of India
