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SC Dismisses RLDA Plea Against Arbitral Award Of Rs 1,034 Crore To Parsvnath

Courtesy/By: Dipsi Soni | 12 Jul 2019

The Rail Land Development Authority (RLDA) challenged the order of a division bench of the Delhi High Court asking it to pay Rs 1,034 crore to realty firm Parsvnath Ltd in relation to a project in the national capital. The division bench had dismissed the RLDA plea challenging a single judge bench order that upheld the arbitral award of Rs 1,034 crore passed on Nov 25, 2017 in favour of the real estate major. A Supreme Court bench of Justices L Nageswara Rao and Hemant Gupta had dismissed the appeal on July 8^th.

Parsvnath Developers had terminated its development agreement of May 2013 with RLDA in February, 2016 due to a title dispute related to a 38-acre land stretch located at Sarai Rohilla-Kishanganj that the company had bought in 2010 for Rs 1,651 crore. Parsvanath Rail Land Project Pvt Ltd (PRLPPL) is a special purpose vehicle (SPV) which was created to develop this project and it had gone into the arbitration process to settle this issue.

As per the arbitral award, the claim of Rs 1,034.53 crore made by the company and PRLPPL was upheld and payment of this amount was directed to be made along with 4 per cent interest per annum from July 15, 2015 till the date of payment by RLDA.

Parsvnath had proposed to develop luxury apartments, commercial/ shopping areas, railway housing, railway service building and common facilities, hospital/school and other amenities in this project.

Courtesy/By: Dipsi Soni | 12 Jul 2019