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Sunil Mantri quits as NAREDCO chairman

The Bombay High Court appointed an official liquidator and asked Mantri not to sell any property till further orders. The liquidator also took the symbolic possession of the Mantri Group properties.

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After miring in to controversy and defaulting, Sunil Mantri — chairman and managing director of Mantri Group — recently resigned as chairman of developers umbrella body NAREDCO.

When dna contacted Mantri, he confirmed the report but refused to provide any details. dna had reported on November 23 that Mantri has defaulted on sum of over Rs300 crore and creditors had appealed the court to get their dues.

The Bombay High Court appointed an official liquidator and asked Mantri not to sell any property till further orders. The liquidator also took the symbolic possession of the Mantri Group properties.

More than 60 investors and creditors had filed the case against Mantri alleging that he has cheated the investors, buyers and borrowers to the tune of over Rs300 crore. He will also be not able to dispose of any fixed asset of his company without the court's order.

A developer from South Mumbai said that the currently the property market is down so the developers are failing to pay back the loans and interests. "Most of the developers launch project and in the booking amount, they buy another properties. If any plots comes under litigation, then it is very difficult to come out from the mess," he said.

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