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Amrapali Hospital Auction: Only One Single bid of Rs 13.74 crore made, rejected

Amrapali Hospital Auction: Only One Single bid of Rs 13.74 crore made, rejected

New Delhi: Troubled Amrapali Group is in for another setback as the Debt Recovery Tribunal (DRT) has rejected the LONE BID of Rs 13.74 crore that was made to purchase the 40-bedded Amrapali hospital owned by the group in Noida.  The tribunal was directed by the Supreme Court to auction properties of the group.

For the auction of the same, the tribunal had fixed a base price of Rs 13.73 crore. Seeing that just a single bid came for the hospital, that too of just a marginally higher amount of Rs 13.74 crore, the tribunal turned down the bid stating that the price was insufficient while also expressing apprehensions of possible cartelization to ensure the property is sold at a cheap rate.

Amrapali Group, a known real estate chain in the past had expanded its business across 30 cities in the country and more than 50 housing and commercial projects. However, the downfall of the group was seen as various controversies sparked. I

Medical Dialogues had earlier reported that in late 2018, in a massive crackdown on Amrapali Group for “wilful disobedience” of its orders, the Supreme Court on had attached the company’s 100-bed multi-speciality hospital, bank accounts, the building which houses its office, certain firms and a “benami” Villa in Goa.

Also Read: Supreme Court Orders Attachment of 100 bedded Amrapali Hospital, other properties of Amrapali Group

With the auction process of the hopsital on, a lone bid was made by Dr Ajau Kohli and M/s Promhex Plus Healthcare Pvt Ltd to purchase the hospital against the base price of Rs 13.73 crore fixed by the tribunal. The tribunal came to the conclusion that the market value of the property was at least Rs 16 crore and rejected the bid.

According to a report by TOI, the tribunal said, “Taking note of the facts that the said property is a hospital having 40 beds and fully equipped, certainly more bids might have been turned up but the same has been withheld by some unscrupulous persons, therefore, prima facie it appears that cartelisation is at work … The price of the said property is not adequate.”

Source: with inputs
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