Allahabad HC Upholds YEIDA's Cancellation Of Jaypee's 1000 Hectare Lease, Directs Return Of Deposit
Live LawRecently, the Allahabad High Court has upheld the cancellation of 1000 hectare land allotted to M/s Jai Prakash Associates Ltd by Yamuna Expressway Industrial Development Authority. However, the Court directed YEIDA to return the amounts deposited by JAL in pursuance of the orders of the Court as well as the amount received by YEIDA from JAL in furtherance of the lease deeds and allotment letters whether prior to cancellation or thereafter in proportion of the area of land resumed. Case Background M/s Jai Prakash Associates challenged the cancellation of allotment of 1000 Hectares of land under the Special Development Zone Project by Yamuna Expressway Industrial Development Authority. We recognize that achieving a perfect balance is not possible, but we have made every effort to strike a fair balance in the given situation.” Regarding protecting the interest of the homebuyers, the Court directed YEIDA to complete the housing projects within 1year to 36 month period depending upon their status of construction.
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Allahabad High Court Denies Jaypee’s Interim Plea To Sell Land For Clearing Dues When Allotment Stands Cancelled By Yamuna Expressway Authority
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