Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The Allahabad High Court has taken a significant step in the ongoing Jaypee Group land dispute case, urging banks that provided financing to the Jaypee Group to clarify their positions regarding the cancellation of 1,000 hectares of land allocated to the group by the Yamuna Expressway Industrial Development Authority (YEIDA). This case is of particular importance because it involves the iconic Buddh International Circuit, which hosted the recent MotoGP event.
The court, presided over by Chief Justice Pritinker Diwaker and Justice Saumitra Dayal Singh, had previously invited both homebuyers and banks to file applications if they wished to become parties to the case. However, a critical observation was made on September 19. While several banks had submitted their applications, they had not taken a clear stance on whether they supported or opposed the petition by Jai Prakash Associates (JAL), the petitioner. In response, the court called upon the financiers to provide a clear legal position by submitting fresh affidavits.
In this complex legal battle, the State Bank of India (SBI), a secured creditor of the petitioner, was allowed to file its application. SBI argued that it was a "necessary party" in the case, as it had previously initiated insolvency proceedings against JAL before the National Company Law Tribunal (NCLT) in Allahabad.
The counsel for YEIDA urged the banks to submit their applications in advance to ensure that the Authority had sufficient time to respond. Additionally, the court permitted intervention applications from homebuyers, recognizing their stake in the matter.
Representatives from JAL argued that YEIDA should not have cancelled the entire 1,000-hectare allotment, as a substantial portion of the land had already been developed. They contended that the Authority should have considered cancelling the allotment only for the area where no development had taken place, if necessary. The Allahabad High Court has scheduled the next hearing for this case on October 10, where these crucial legal positions and arguments will be further examined and debated.
The dispute over this land allocation stems from a decision made on February 12, 2020, when YEIDA cancelled the allotment of 1,000 hectares to JAL, intended for the development of a Sports City within a special development zone (SDZ) along the Yamuna Expressway. The primary point of contention revolved around outstanding dues, with YEIDA claiming that JAL owed them Rs 3,621 crore, while the company contended that the amount was significantly lower, at Rs 1,483 crore.
In response to the cancellation and ongoing legal battles, JAL approached the high court, seeking interim relief and expressing a willingness to clear all dues. Furthermore, the company presented a resolution plan to ensure the completion of its residential projects within the Sports City.
In conclusion, the Allahabad High Court's call for banks to clarify their positions in the Jaypee Group land dispute case is a significant development. The case has implications for various stakeholders, including homebuyers, financial institutions, and the real estate industry as a whole. The upcoming hearing will play a pivotal role in determining the course of this dispute, which has been ongoing since the cancellation of the land allotment in 2020.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy