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In the case of the company, which owns the ‘Burj Al Babas’ project, which is sold only to Arab customers in the Mudurnu district of Bolu and is on the agenda with its architectural structure reminiscent of castles, a decision was made to favor of the company. The Sarot Group, which carried out the project, was given a period of 1 year not to carry out the foreclosure and to pay the debts.
As part of the project, which began to be built in Mudurnu in 2011, 732 villas, shopping malls, hotels and 2 convention centers, 350 castle-like villas were sold to clients in Qatar, Bahrain, Kuwait, Dubai and Saudi Arabia while the construction continues. Sarot Thermal Group, owner of the project called ‘Burj Al Babas’, submitted an application for an arrangement in June 2018 due to the non-timely payment of installments by Arab customers and the problems encountered by the company in economic planning. The court granted the company 3 months. With the expiration of the term, the 3rd Commercial Court of Istanbul issued a bankruptcy decision in September 2018 against 3 companies under the roof of the Sarot Group. The project, which aroused reactions with its castle-like architecture and criticized by locals for its failure to match the architectural and historical fabric of the neighborhood, has come to a halt.
THE BANKRUPTCY DECISION HAS BEEN REMOVED, THE SALE AND CONSTRUCTION PERMIT HAS BEEN GIVEN
Upon the company’s objections, permission was given to continue the sale and construction of the project in January 2019. While construction and sale work continued on the project, Sarot Group also challenged the court’s bankruptcy decision. The 17th Civil Chamber of the Istanbul Regional Court of Justice abolished the bankruptcy decision against 3 companies belonging to the Sarot Group.
1 YEAR OF TIME GIVEN AS RESULT OF RE-AGREEMENT REQUEST
The Sarot Group has again submitted an application for an arrangement with the project, which was authorized to continue construction. In the application petition, the company stated that if a certain amount of time is allowed, they have assets that exceed their existing debts. With the decision of the 2nd Istanbul Court of First Instance of November 13, it was decided not to carry out the foreclosure for one year. It is learned that the total debt of the company, which has been given a payment term of one year, is 80 million lire.
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