Nagpur: The Nagpur Bench of the Bombay High Court has directed a former director of Mahadeo Land Developers to stay away from the office of the Official Liquidator until formally summoned, after it was found that he was unnecessarily interfering in the sale process of company assets.
The directive came in response to a petition filed by Sanjay Nimbulkar and 47 other investors who alleged that the developer failed to honour its advertised promise of paying monthly incentives upon depositing a fixed amount under its investment scheme.
Gold Rate
20 May 2025
Following earlier hearings, the High Court had already appointed an Official Liquidator to carry out the sale of the company’s assets and distribute the proceeds among the creditors. During the recent hearing, the Liquidator informed the court that the former director of Mahadeo Land Developers was repeatedly visiting the office without any official requirement and was hindering the auction process under the guise of assisting bidders.
Taking serious note, the High Court warned that any direct or indirect interference in the asset sale process would be treated as contempt of court under the Contempt of Courts Act, 1971.
The Official Liquidator, through his counsel, informed the court that effective steps had been taken to sell 49 identified properties. Public advertisements for the auction will be published, and the sale process will follow the provisions of the Companies Act, 1956. Further decisions on claims submitted by creditors will be made as per court directions.
So far, 2,931 claims have been received, out of which 2,021 have been resolved. For the remaining claims, which are based on photocopies, creditors have been asked to submit original documents for verification.
Initially, the Liquidator had committed to settling all claims by May 9, 2025. However, during the hearing, an extension until May 30, 2025, was requested, with an assurance that the proceeds would be proportionately distributed among creditors.
Granting a final opportunity, the High Court ordered the Liquidator to complete the settlement and distribution process and submit a compliance report by June 13, 2025. The court also instructed the Liquidator to record the list of properties already disposed of in the case records and proceed with selling the remaining assets of the company.
It may be recalled that in 2011, Mahadeo Land Developers director Pramod Agrawal duped thousands of people of their hard earned money through his fraudulent Mahadeo Land Developers and Kalamna society. The conman did not spare even the daily wage labourers. He duped over 3-4 thousand people to the tune of Rs 500 crores.
