MUMBAI : The problems have increased for former MP Sanjay Kakade. Justice Manish Pitale of Bombay High Court gave orders on June 5 that shares of Kakade Construction Company should be sold as Sanjay Kakade has defaulted on paying a loan of ₹786 crore to Vistra ITCL Limited Company.
In this connection, Vistra ITCL Limited Company has filed a petition against former MP Sanjay Kakade and others in the Bombay HC. The next hearing is going to be held on July 4. The court receiver has issued an order that the report should be submitted in a sealed envelope.
The petition filed by Vistra ITCL Limited Company against Sanjay Kakade states that Kakade owes ₹786 crore to the company. Meanwhile, in the ₹133 crore loan case of HDFC, National Company Law Tribunal (NCLT) has issued an order that the company should be declared as bankrupt.
Experts say that if the company sells its shares, the company may cease to exist. HDFC Ventures Trustee Company had filed a petition with NCLT stating that Kakade Estate Developers Pvt Ltd had failed to repay a loan of ₹133.75 crore. In that case also, the NCLT has ordered that the company should be declared as bankrupt.