The Apellate Authority for Industrial and Financial Reconstruction (AAIFR) passed an order on December 21, dated December 16, ordering National Textile Corporation (NTC) and IBREL to maintain status quo on the land.
The tussle over Bharat Mill land between the Lodha Group and Indiabulls Real Estate (IBREL) is set to scale up.
The Apellate Authority for Industrial and Financial Reconstruction (AAIFR) passed an order on December 21, dated December 16, ordering National Textile Corporation (NTC) and IBREL to maintain status quo on the land. It means IBREL will have to stop further selling on the land.
This order comes in the wake of Lodha withdrawing their petition, in the Delhi HC requesting for the same relief, on December 16.
A spokesperson from IBREL said, “Lodha had filed a writ petition before the Delhi high court seeking a stay on the execution of the sale deed of Bharat Mill land by NTC in our favour and the setting aside of the order by BIFR confirming the sale in our favour. The court was not inclined to allow it, hence the petition was withdrawn on December 16 by Lodha.
"Since the last date for payment of the sale consideration was December 19, which fell on a Sunday, December 18 being a Saturday and December 17 a national holiday due to Moharram, we paid the sale consideration on December 16 in compliance with the tender conditions. Accordingly, the sale deed was executed and registered simultaneously by NTC in our favour and possession was handed over to us.”
IBREL indicates that the deal stands valid as they have already made the last tranche of payment on December 16, of Rs750 crore, and the AAIFR order was passed on December 21, dated December 16.
However, a source from Lodha says, “The writ petition was withdrawn and the Delhi high court did not pass any order. It seems that without the Delhi high court’s order, AAIFR’s order stands and will have to be complied with.”
A source adds, “IBREL may appeal for a clarification from the Delh high court soon.”
The matter is sub-judice as Lodha’s plea for re-tendering is pending final judgement at AAIFR. IBREL had bid for this 8-acre property for Rs1,505 crore.
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