Fate of Empress Mall, one of the iconic places of the city near Cotton Market, hangs in balance. Perhaps, one of the biggest malls of the city, now faces the threat of auction due to non-payment of loans. A leading Public Sector bank has published a notice to this effect in some local dallies on Wednesday.
Nagpurians have fond memories with the place, where once the Tata Group-run Empress Mill operated, giving employments to thousands in addition to providing one of the finest qualities of textile materials to the citizens. However, with the mills calling it a day, a huge mall was developed on the land admeasuring 25119.377 square metres. The mall has outlets and franchisees of several renowned brands.
The Asset Recovery Management Branch of the bank, based in Mumbai, has published an advertisement under the head of sale notice of an immovable property. The bank mentioning the names of the directors and guarantors of the mall in the advertisement, claims to recover a whopping Rs 169.53 crore.
According to the notice, the last date for submitting the tenders by the aspirants buyers is January 26 and the date of auction is scheduled on February 28, 2019 from 12 noon to 1 pm.