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The Bombay High Court on Thursday canceled the public auction Jawahar Talkies CompoundA 0.65-acre property in Mulund, a central suburb of Mumbai, following a petition filed by a non-banking financial company Srei Equipment Finance,
The two SREI companies, which are part of the Kolkata-based infrastructure financing group, are themselves under administration.
They are among the first few financial companies to be included in National Company Law Tribunal From Central bank Due to financial difficulties.
Auction of property owned by realty developer Nirmal Developers‘ Partner Dharmesh Jain was due on Friday.
The auction was to be conducted in accordance with the orders passed by the Maharashtra Real Estate regulator authority and for the purpose of recovery of certain land revenue.
Srei Equipment Finance objected to this through a writ petition and submitted that the attachment and proposed auction of the property is illegal as the property has been mortgaged in favor of the NBFC.
Jain had mortgaged the property since 2011 to avail a loan from SRE Equipment Finance for one of his group companies Nirmal Lifestyle,
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