Tribunal bars builder from selling property
Dharmesh Jain who constructed Mulund's Nirmal Lifestyle mall owes Rs 377 crore as dues to lenders.
Mumbai: In a setback for builder Dharmesh Jain from Nirmal Lifestyle who gained fame for construction of one of the biggest mall in Central suburbs, the Mumbai bench of debt recovery tribunal (DRT) has directed Jain to not sell any of his property and ordered him to disclose all his movable and immovable assets within a month. This was following a petition filed by IDBI Trusteeship Services Limited on behalf of its clients who are allegedly yet to recover their dues.
The Mumbai bench of debt recovery tribunal on November 30 passed an order in the same regards where it was noted that Jain should not transfer, alienate, create any third-party interest and/or part with possession in respect of the properties until further order.
Vikram Trivedi, lawyer representing IDBI Trusteeship Services Limited confirmed that the tribunal has passed such an order but did not comment further as the matter is sub-judice which will have another hearing in the matter next month.
It also directed that Jain should disclose all his movable and immovable assets within 30 days of the order further asking to inform the clients who are due to receive their money seven days in advance in case of travelling outside India.
In an email reply, Nirmal Lifestyle Developers, confirmed the proceedings filed by IDBI trustees and ex-parte orders passed against the promoter of Nirmal Lifestyle, Jain.
The statement sent by Nirmal, reads, “We would like to state that we are in active conversation with the lenders and we are confident about amicably resolving these issues in the time frame committed to the lender. We also wish to state that the lenders/fund is well secured since the property is valued at Rs 1,800-2,000 crore. We once again wish to reiterate that we at Nirmal greatly value each and every lending partner and as far as this particular matter is concerned we assure a smooth exit to the lender.
The IDBI had filed the petition to recover Rs 377 crore on behalf of their clients to whom Nirmal Lifestyle was supposed to pay interest of non-convertible debentures. The contention was that Jain is guarantor for Nirmal Lifestyle which allegedly failed to pay the interest.