Dekhlapara tea garden | Court scraps low bid for shut garden

Siliguri, TT.Jan. 24: A very low price quoted by the only bidder for the shut Dekhlapara garden last month has prompted the high court to seek opinions from the banks on how their dues can be settled.

The value of the shut estate is Rs 5 crore but the bidder had proposed Rs 10 lakh in response to a notification issued by the Calcutta High Court-appointed liquidator. The court then cancelled the bidding process.

North Bengal development minister Gautam Deb said a more informal way was being explored and a solicitor firm had been approached to work out an out-of-court settlement with the creditors. If it succeeds and the creditors withdraw the cases, the government would pursue the selling of the garden closed since 2002.

“According to the notification, the bids, submitted by people interested in buying the garden, was supposed to be opened on January 6. But it was found that only one buyer has placed a bid to buy the garden and is ready to pay Rs 10 lakh. This is much lower than the total value of the property which is Rs 5 crore,” G. Boriah, the director (tea development) of the Tea Board of India, told The Telegraph over phone from Calcutta today.

“With no one else expressing interest in buying the garden, Calcutta High Court cancelled the process and asked the creditors to propose steps which could be taken to ensure that the garden was handed over to a new owner against money and they get their payments out of the sale proceeds.”

Minister Deb said under the informal approach, the solicitor firm is expected to talk to the stakeholders of the garden including the previous owner and the creditors, from tomorrow.

“We are acting as a facilitator in an informal manner,” Deb said today.

“A reputed solicitor firm has been pressed into work. The firm will approach the creditors, the old owner whose insolvency led to liquidation of the garden, and other stakeholders and try to reach a common point of settlement. Once the cases filed by the creditors in Calcutta High Court are withdrawn on the basis of the settlement, the state would mull over its role and possible areas of intervention while trying to sell the garden.”

The minister said a detail report would be also prepared, mentioning the present state of affairs, workers’ condition and other necessary information to help prospective investors in making an assessment.