Bizman questions auction of properties, files plaint with CBI

Tribune News Service

Ludhiana, August 23

Sanjay Gupta, former director of Supreme Tax Mart Company, which is in debt of hundreds of crores, has made serious allegations about the auction of the company’s property. He alleged that crores of rupees were being misappropriated in the name of the properties of his company.

He also alleged that there were some such errors in the auction notice, due to which general public participating in the auction may be cheated. He also filed a complaint with the CBI and sought a thorough probe in the entire process.

Sanjay Gupta said he founded the company in 1996 and the company was very much in profits. He remained the director of the company till 2013 after which he resigned from the company due to some unavoidable grounds. After his resignation, his brother became the director of the company and his son also became the assistant director.

According to Sanjay Gupta, within two years, the company’s accounts became Non-Performing Assets (NPA) and the company incurred a debt of crores of rupees. He said the company had properties in Punjab and Gujarat.

He said then the bank started the recovery process and filed a case with the National Company Law Tribunal (NCLT) and sought recovery orders. “After this, a person suggested by the bank was appointed resolution professional on behalf of the court. The company’s assets have been put in auction for recovery and auction notice given is also inaccurate,” Gupta further alleged.

Meanwhile, Bhupesh Gupta, who has been appointed as Resolution Professional (RP), said the allegations made by Sanjay Gupta were baseless. “Everything is happening in a right way and a transparent manner under the eyes of the tribunal. All the accounts of the company had turned NPA. In fact, Sanjay Gupta aims to stop the auction, so that those properties are not auctioned,” he added.