[ecis2016.org] The Hyderabad HC has directed the Telangana government and Telangana State Industrial and Infrastructure Corporation to pay over Rs 660 crores to Unitech Limited, for their failure to hand over land for a development project
The Hyderabad High Court has directed the Telangana government and Telangana State Industrial and Infrastructure Corporation (TSIIC) to pay over Rs 660 crores to debt-laden Unitech Limited, towards principal and interest, in a case related to a land development project in 2008. Justice MS Ramachandra Rao gave the direction, on the petition by Unitech Limited in the case pertaining to development of 350 acres of land in Hyderabad, in 2008, by the company.
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The petitioner alleged that the state government entity did not handover the land, due to title disputes and sought the return of the Rs 165 crores it had paid to the Andhra Pradesh Industrial Infrastructure Corporation of the then united Andhra Pradesh State (now TSIIC), during 2007 and 2008. It also sought interest on the principle amount. According to the petitioner, the amount was deposited, after it emerged as the successful bidder for developing the design and constructing an integrated airport township and multi-services aerospace park, in a bidding process by the APIIC in 2008.
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Andhra Pradesh was bifurcated in June 2014 and subsequently, the Telangana government created the TSIIC. In his order, the judge said, “Therefore, I hold that the amount of Rs 660.55 crores is due and payable to the petitioners by the respondents, which shall be paid by respondents to petitioner no 3, within 4 weeks from today (October 23, 2018).” “However they are entitled to recover it from the state of Andhra Pradesh and the APIIC, if under law they are entitled to do so. This does not preclude the petitioners from claiming other amounts from respondents, towards damages under other heads, if they are entitled to do so under law,” he said.
Source: https://ecis2016.org/.
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