Hukumchand textile mill to be auctioned on October 10, tender visited

YarnsandFibers News Bureau 2014-08-26 17:00:00 – Indore

The Debt Recovery Tribunal ( DRT) has final taken the decision of putting the Hukumchand Textile Mill land for auction on October 10 and fixed minimum base price ( MBP) for the auction of mill land at Rs 400 crore. The mill was closed down in 1991 leaving its 6,000- odd employees red- faced.

According to Hukumchand Mill Employee Agitation Committee ( HMEAC) president Naresh Srivansh MBP fixed was unfair. The official liquidator of DRT ( MP& CG), UK Sahu should have assessed the value of the mill land in a better way and put a higher value as it is a commercial land.

Meanwhile, the IMC counsel said that the value of the land is estimated at Rs 1500 cr. IMC’s share of the auction money in terms of lease and property tax, which stands at Rs 100 crore, should be made available to the IMC. On this issue, a hearing has been fixed for September 6.

After the said decision of DRT, there is jubilation among former employees and officers of the Hukumchand Mill. They are now hopeful of getting their pending salary, gratuity and pension amount from the auction money.

The tender forms will be accepted by October 6 with earnest money of Rs 40 crore ( 10% of the base value).

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