Bombay HC orders sale of five seized cars of former MP Sanjay Kakade and sale of shares of Kakade Construction Company Pvt Ltd

Sanjay Kakade

PUNE: The Bombay High court had issued orders that the shares of Kakade Construction Company Pvt Ltd should be sold as former MP Sanjay Kakade had defaulted on repaying the ₹786 crore loan to Vistra ITCL Limited. In a recently held hearing, the Bombay HC ordered that apart from selling the shares of Kakade Construction Company Pvt Ltd, his five seized cars should also be sold. The orders have been issued by Bombay HC Justice Manish Pitle.

Meanwhile, Vistra ITCL Company has filed a petition against Sanjay Kakade and others in the Bombay HC for defaulting on repaying the ₹786 crore loan. In the earlier hearing, the HC had issued orders that the shares of Kakade Construction Company Pvt Ltd should be sold and the court had also given a schedule. The company had made a request that that the court issue orders for selling the shares of the company and sale of seized vehicles.

In the hearing held on July 12, the court considered the plea of the company and ordered the sale of seized vehicles. The orders stated that the terms and conditions of the auction should be made available on the Internet and the likely bidders have been given 60 days for checking the documents. An order has been issued that the schedule of the auction to be held in Mumbai, Pune and other cities, should be publicised. Hence, Sanjay Kakade’s problems have increased.

The court had earlier also delivered a jolt to Kakade. Orders had been issued that Kakade’s plot admeasuring 7,440 sq feet located in Shivaji Housing Society at Bhamburda should be seized and symbolic possession should be taken of Kakade’s bungalow at Yashwant Ghadgenagar. Since Kakade has defaulted on repaying the loan of ₹133.75 crore HDFC Ventures Trustee Company, the NCLT has taken steps to declare Kakade Estate Developers Pvt Ltd as a bankrupt firm.

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