Home » Over ₹1,000 crore debt leads to Sector 9 house auction

Over ₹1,000 crore debt leads to Sector 9 house auction

DC office completes eviction and possession of four-kanal Chandigarh estate

by TheReportingTimes

Chandigarh, Feb 25: A high-value eviction drive in Chandigarh’s Sector 9 culminated in the auction of a luxury bungalow on the directions of the Bombay High Court. The Deputy Commissioner’s office took possession of the property, House No. 341, after its owner failed to clear liabilities totaling over ₹1,000 crore.

The administration asserted that the auction was a necessary step to recover substantial debts owed by the proprietor, who is reportedly involved in the Punjab rice milling industry. While the property was sold via auction, its open market value is cited at approximately ₹50 crore.

Tehsildar Punyadeep, who headed the operation, maintained that the team worked until late evening to clear the premises. Police officers were deployed to the Sector 9 neighborhood to oversee the eviction and prevent any disruptions to law and order.

“After completing the formalities, the DC office handed over vacant possession of the property to the successful bidder,” an official declared. The move follows a lengthy legal process regarding the attachment of the four-kanal estate as part of debt recovery efforts.

 

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