Court rejects re-evaluation order, demands Dhara Dhevi auction go ahead as scheduled
The Chiang Mai Provincial Court on Thursday revoked the Chiang Mai Legal Execution Office’s cancellation of Dhara Dhevi Hotel’s auction and its order to have the hotels value re-evaluated.
The office said earlier last week that it agreed with the hotel creditors’ petition that the hotel’s value set by the Legal Execution Department’s Asset Evaluation Committee was too low compared to the price released by a private assessing firm.
The court, however, said the Chiang Mai Legal Execution Office’s order was unlawful because as per regulations, the Asset Evaluation Committee has full authority to set the final price of an asset. The plaintiff can only oppose the price estimated by a legal execution officer, not one announced by the committee.
The 123-room five-star luxury hotel was slated to go under the hammer on November 12, December 3 and 24, January 14, February 4 and 25 of 2022.
The hotel was severely hit by the pandemic and shut its doors temporarily in early 2020. It then filed for rehabilitation in June 2020. The Appeal Court dismissed the rehab petition on November 18, forcing the hotel to announce bankruptcy.
