The debt recovery tribunal (DRT) has adjourned the auction of Holiday Inn, Pune to August 19. Auction of the hotel, which is owned by Ram Laxman Hotels Pvt Ltd, was postponed as the DRT received only one bid on August 7 from IndusInd Bank.
The recovery officer has also rejected the application of L R Bhojwani, chairman and managing director of Ram Laxman Hotels Pvt Ltd, to stall the auction.
According to the order passed by the officer, the application was filed with the intention to stall the sale proceedings and the recovery of dues.
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Sources said that IndusInd Bank is contemplating to go in for an appeal against the DRT order of adjournment and that their bid should be accepted.
IndusInd Bank had filed a suit against Ram Laxman Hotels on October 4 2000 for recovery or Rs 10 crore. Later, Holiday Inn, Pune was attached by the DRT and put up for sale by the recovery officer.
Apart from IndusInd Bank, another Rs 10 crore is owed to both IFCI and Tourism Finance Corporation of India (TFCI). IFCI and TFCI have joined IndusInd Bank in the application consenting to the sale of property to recover the dues. The property has been valued at Rs 30 crore.