Booked Property with Mantri Group? Register it before any negative court order

(Excl Ventures News.) Unsecured creditors of property developer Mantri Realty have demanded that the company pay back Rs.300 crore of loans and the interest due in a single tranche, said two people familiar with the development. Mantri, which has defaulted on payments for two years, has reached out to the lenders to negotiate and settle the claims after the Bombay High Court appointed an official liquidated or for all the company''s assets, a likely cause of worry for some buyers of the company''s residential properties.

�Sunil Mantri, chairman and manag ing director of Mantri Realty, has approached us and is looking at settling the dues. He is trying to negotiate some installments for the entire payment, but my clients are insisting on one clients are insisting on onestroke payment. However, he is yet to make any terms of this repayment clear to us,� said Anil Agarwal, a lawyer representing 10 of the 35 unsecured lenders who moved the Bombay High Court against the developer.

Sunil Mantri did not respond to an email and calls by Times, seeking comment on the matter. In response to a text message by the Times, he sent his lawyer''s phone number. �I have received instructions that the company is internally settling the matter with creditors,� said Sahil Mahajan, the lawyer representing Mantri Realty in some of the cases.

The court ordered Sunil Mantri to deposit his passport.

The official liquidator has taken possession of the company''s registered office at Court Chambers on Marine Lines in Mumbai, Agarwal said.

There are about 30-40 cases filed against the company and directors under section 138 of Negotiable Instru ments Act, 1888. Directors Ranjit Rane, Deepankar Salvi and Pankaj Arekar have been asked not to leave the country without the court''s permission. Mantri Realty had borrowed Rs.300 crore between 2012 and 2013 at 24 to 36% annual interest rate from private financiers.

After the company stopped paying interest and the principal amount in January 2014, the financiers moved the Bombay High Court.

Buyers of Mantri Realty''s residential projects across seven cities are a worried lot following the appointment of the official liquidator. According to legal experts, home buyers would face problems if their agreements are yet to be registered and the court orders winding up of the company.

The next hearing of the case is scheduled on January 25.
Comment : Refer Economic Times for the full news: http://economictimes.indiatimes.com/industry/services/property-/-cstruction/mantri-realty-lenders-seek-single-tranche-payment-of-rs-300-crore-dues/articleshow/50587627.cms

Keyword Tags Hyderabad News, Mantri Group