HC forms panel to sell Rose Valley properties

The Calcutta High Court on Monday formed a three-member committee to sell properties of Rose Valley Real Estate Pvt Ltd in West Bengal to pay off investors on a plea by the company.

Justice Arijit Banerjee directed formation of the committee comprising Justice (retired) Dilip Seth of the Calcutta High Court, the Inspector General of Registration or his representative and a Director from RVREPL.

The committee would first do a base valuation of the properties to be sold and then hold a public auction of these, the court directed. The proceeds from the sale would be kept in a bank account to be opened by the committee, Justice Banerjee directed. The whole operation would be under court supervision. The committee was directed by the court to submit a report before it on August 14.