Sunil Mantri resigned from the position of NAREDCO chairman

Managing Director and Chairman of Mantri Group- Sunil Mantri

Recently, the Bombay High Court asked Mantri to not to sell any property till next court orders and after this the Bombay High Court also appointed an official liquidator with an aim to took the possession on the properties of Mantri Group.

After coming in news or controversy; Sunil Mantri, the Managing Director and Chairman of Mantri Group resigned from the position of NAREDCO chairman. NAREDCO is an umbrella body of real estate developers.

When media tried to contact Mantri, so he confirmed that reports, but refused to provide any additional details. However; earlier it was report that Mantri has defaulted on sum of over Rs300 crore and after that all investors or creditors had appealed in the Bombay High Court with an aim to get the pending dues with an interest rate of 25 to 36 percent. According to reports, till now more than 60 investors and creditors had filed the cases against Mantri by stating that he has cheated on them as well as buyers and borrowers. According to reports now he will not be able to dispose any of his fixed assets which belongs from the company without court’s order.

However; a real estate developer from South Mumbai stated that in present property market is down and due to that developers are not able to pay back the loans and interests. Most of the real estate developers are launching the projects and with booking amount they are buying other properties. But if any plot comes under the under litigation, so it becomes very difficult to come out from that mess.