Mantri Realty in big trouble as Bombay HC directed seizure of firm's assets

Q: The Bombay high court has directed to take physical possession of all assets, books and records of real estate company Mantri Realty.

Shantanu Kumar, Mumbai

14th January 2016

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Hi folks,
Flats owners have to face a lot of difficulties after investing in their projects, but the time has changes and now, he will have to face the same. The HC noted that it had suspend the cases from time to time and promised that the claims would be settled and big creditors would be given flats instead of payment. However, the claims were not settled.

Sneha Ambedkar, Pune

14th January 2016

Comment

The news spread like a fire in India. The court has also stopped Mantri and the company from selling any of its assets and properties, or creating any third party rights on it. Mantri was asked to deposit his passport with the court.

Lakshya, Bangalore

14th January 2016

Comment

Even the HC rejected their appeal saying that its order should also be communicated to the chief of immigration at the international airport and the regional passport officer.

The behavior of Sunil Mantri extremely bad, dishonesty and disrespect to the court. The favor was granted from time to time has only been abused. The HC pointed out to the allegation that the company had created 3rd party rights on its Bangalore property Mantri Premeoro even as the matter was pending before the HC. But the Mantri has denied this act.

Abhishke Karule, Mumbai

14th January 2016

It is quite clear, particularly when one considers the Bangalore project, that the attempt was to pull on the matters by convincing settlement, and in the meanwhile, create 3rd party rights or divert the assets and deny the creditors of their dues.

Lakshya, Bangalore

14th January 2016

Right Lakshya,
Once he has resigned as director of the company and continued to represent to the court that he was the managing director. One thing is clear. Though on record he has ceased to be a director, that is only on paper but in reality, he is the person behind the company and he calls the shots.

Abhishke Karule, Mumbai

14th January 2016

Currently, the company is running its business all over India including Mumbai, Pune, Bengaluru, Gwalior, Nagpur and Solapur. As per the reports, company was alleged not settling dues running into crores.
The court's orders came in relation to 35-odd cases filed by individuals who had invested money and were promised high returns, as well as lenders.

Lakshya, Bangalore

14th January 2016

Comment

Yes, and the justice K R Shriram rapped the company's chairman and former managing director Sunil Mantri for allegedly misrepresenting facts before the court and directed him and three other directors not to leave the country.

Pravakar Saxena, Pune

14th January 2016