5 foreclosed properties put up for sale in Hulhumale’

Mauritius Commercial Bank (MCB) has announced it has put five foreclosed properties in Hulhumale’ up for sale.

The five properties; lot number 10255, lot number 10256, lot number 10257, lot number 10623 and lot number 10630 were foreclosed by MCB following the failure to repay loans taken out by Atoll Paradise Private Limited of which Mohamed Bagir from V. Raahee and Zeeniya Mohamed Zahir from Handhuvareege in K. Kaashidhoo were listed as guarantors.

The loans in question were a USD 3.6 million loan taken out by Atoll Paradise in 2012, and an additional USD 150,000 released under a USD 600,000 credit facility agreement in 2013.

MCB had responded to the failure to repay the loans with a lawsuit.

The Civil Court, in 2016, ordered Atoll Paradise to settle USD 4.32 million – the cumulative amount owed to MCB up until June 30, 2015 – within three months from December 14, 2016.

The Civil Court established that MCB reserved the right to foreclose on the five properties listed as collateral for the loans if Atoll Paradise failed to settle its debt within the three-month period.

The court, on October 19, 2017, ruled that Atoll Paradise had failed to settle its debt in accordance with its 2016 ruling, and granted MCB to foreclose on the five properties.

It also ruled that Atoll Paradise and guarantors Mohamed Bagir and Zeeniya Mohamed Zahir must settle the remainder of the USD 4.32 million debt if MCB failed to cover the debt with the resale of the five properties.

MCB, this Sunday, announced the five properties were available for sale, and invited prospective buyers to send in their bids. They have also awarded prospective buyers the opportunity to tour the five properties.

Prospective buyers have the opportunity to submit expressions of interest by October 24. Separate bids need to be submitted for each property.