In order to recover the outstanding amount of ₹4.34 crore, Merchant Bank is going to auction Nationalist Congress Party (NCP) leader Chhagan Bhujbal’s company – Armstrong Infrastructure – on November 30.
This is a huge setback for the Nationalist Congress Party leader and Armstrong Infrastructure is one of the many companies Bhujbal owns.
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The directors of this company include Former MP Sameer Bhujbal, MLA Pankaj Bhujbal, Satyan Keskar. Earlier in 2009, this company had bought sugar factories through auction. After that, the work in the factories started after four years.
However, after the year 2016-2017, the company had to bear huge loses and was shut down. The factories have a loan worth ₹4.34 crore and the banks have started possessing the company’s capital.