Advertisement
The Allahabad High Court has ruled in favour of Larsen & Toubro (L&T), allowing the company to sell flats in its Green Reserve project in Sector 128 after overturning a Real Estate Regulatory Authority (RERA) decision. The court found that the project was automatically registered due to RERA's failure to respond to L&T's application within 30 days, dismissing RERA's claims regarding co-promoters and instructing the authority to issue necessary registrations. This ruling enables L&T to continue its sales and marketing efforts without facing penalties.Read more
Banks supporting Jaiprakash Associates Ltd (JAL), a company under the Jaypee Group, have submitted affidavits in the Allahabad High Court, endorsing JAL's request to reverse a decision by the Yamuna Expressway Industrial Development Authority (YEIDA) to cancel the allocation of 1,000 hectares of land. YEIDA had revoked the allocation, citing unpaid land dues of Rs 3,621 crore. JAL, however, contends the outstanding amount is Rs 1,483 crore. The court had directed the banks to clarify their positions earlier. The court further directed JAL to provide an affidavit explaining their differences with YEIDA's calculations.Read more
Advertisement
The Allahabad High Court has requested banks that provided financing to the Jaypee Group to clarify their positions in a case related to the cancellation of 1,000 hectares of land allocated to the group by the Yamuna Expressway Industrial Development Authority (YEIDA). The court had earlier invited homebuyers and banks to become parties to the case. However, it observed that while several banks had filed applications, they had not taken a stance on supporting or opposing Jai Prakash Associates (JAL), the petitioner. The court directed the financiers to clarify their legal positions and submit affidavits. The matter is scheduled for further hearing on October 10.Read more
The Allahabad High Court rejected Jaiprakash Associates Ltd.’s plea for a one-year extension to sell a 150-acre land parcel in Sector 25, Agra, to clear Rs 3,600 crore land dues owed to YEIDA. The court denied interim protection and observed that all efforts to reach a settlement have failed. YEIDA has demanded 10 percent of the total dues for the restoration of allotments. The court's decision also affects homebuyers' interests. The verdict is expected in August. JAL had earlier sought relief and expressed willingness to clear dues while presenting a resolution plan for residential projects.Read more
.png)
Advertisement
