“Amwaj Gate” Up for Auction at End of October
2017-10-06 - 10:19 p
Bahrain Mirror: The Stalled Projects Development Committee in Bahrain decided to hold a meeting for putting up the Amwaj Gate project for auction on October 31, 2017, setting an initial price of 36 million dinars.
The Committee noted that the minutes of the procedures for the sale of the project were reviewed at the auction, adding that the company announced the list of sale terms of the project and the basic price, in addition to the company's obligation to pay the project debts. The committee highlighted that the company did not provide any proof that it met the debts and that the Committee exhausted all methods for settling the project amicably and found a lack of cooperation on the part of the original developer and inefficiency of the project's management, as well as a lack of agreement with the owners of rights and creditors of the project. The Committee also tried to develop the project through a new developer, but the offers from the new developers were not serious and did not meet the interest of the project or creditors.
Therefore, pursuant to the provisions of paragraph 5 of Article 8 of Decree-Law No. 66 of 2014, the Committee decided to put up the project for sale through a public auction and set October 31 as a date for the auction, specifying the basic price of the project at 36 million dinars.
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