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Defunct Haryana Medical College now available for sale

Defunct Haryana Medical College now available for sale

Haryana: Unable to pay its more than Rs 200 crore dues to various public sector bands, the defunct Haryana medical college-Goldfield Institute of Medical Sciences and Research is now available for sale. The private medical college will be soon open for bidders via an e-auction process that will take place on 25th September 2019.

The medical college began in the year 2011 and functioned till the year 2015, when it abruptly shut down, due to financial crisis. Medical Dialogues had earlier reported that in 2016 coming to the rescue of the 400 MBBS medicos studying at the medical college, the Punjab and Haryana High Court had directed the Haryana Government to shift all students of the shut Gold Field Institute of Medical Sciences and Research (GFIMSR), Faridabad, in state  run medical colleges.

Read also : Haryana: HC directs state govt to adjust Goldfield MBBS students in govt colleges

Tribune reports that the Gold Fields Shiksha Sansthan, a body that owned this institution, failed to clear the debt taken from Union Bank, Punjab National Bank, Bank of Baroda, Bank of Maharashtra, Central Bank and the Allahabad Bank. The amount of debt is estimated to be around Rs 235 crore.

With the aim of recovery, the medical college had earlier been put by the banks for auction in 2018, but did not find suitable bidders probably due to high reservation price. The medical college is now going to put for e-auction with a 25% lesser reservation price of Rs 174 crore

Also read:- Delhi HC upholds MCI decision, denies permission to VIMS for 150 MBBS seats

Sanjay Sharma, Technocraft Financial Services, from the consultancy engaged in the auction process confirmed to the Tribune “As the building was sealed in March last year, the banks have moved to recover outstanding dues through the auction of the property, which includes the land, building, and other infrastructure,”

Source: with inputs
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  1. Time all these business medical colleges with focus on money and not merit closed down
    Focus should be on well run hospital generating funds and not on medical college student generating income