Four months after Raj Travels’ owner Lalit Sheth committed suicide, the company’s four properties in Mumbai, Ahmedabad and Vadodara will be auctioned. The properties, which include two offices in Panchratna building at Opera House, are worth Rs 15 crore, and they will be auctioned on November 29.

Following his suicide, a number of creditors, including financial institutions, made debt recovery claims. The four properties in question are being held by State Bank of India; Sheth had mortgaged them to the bank to raise funds. Sometime back, the bank put them up for sale through the Debt Recovery Tribunal, a government body that helps financial institutions get back their money as per a report in Mumbai Mirror by Yogesh Sadhwani.

The proposed sale marks yet another grim chapter in the history of Shree Raj Travels and Tours; in September, the Bombay High Court had ordered the company’s closure over its huge debts.

The two Panchratna offices are located on the ground floor, measuring 440 sq ft and 495 sq ft, respectively. The reserve price of the bigger office is Rs 3.57 crore, while the other is expected to fetch a minimum of Rs 3.17 crore.

A 9,500-sq ft office in Ahmedabad and a 3,000-sq ft flat owned by Sheth’s daughter, Shreya, in Vadodara are the other two properties that will be auctioned on November 29. The office’s reserve price is Rs 7.04 crore, while that of the apartment is Rs 1.35 crore.

Raj Travels has debts of Rs 40 crore. The oncethriving company ran into trouble during the 2008 economic downturn. Its purchase of expensive Volvo buses was among the factors blamed for its decline.

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