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Allahabad High Court Quashes Criminal, ED Proceedings Initiated Against Indiabulls & Its Officials

The Allahabad High Court, on Friday, quashed the criminal proceedings initiated by the borrower, Shipra Group, and the Enforcement Directorate against the Indiabulls Group and its officials as arbitral proceedings pursuant to the loan agreements are already underway, a fact which was suppressed by the informant. Observing that the informant had hidden the various proceedings instituted by him in different …

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The Allahabad High Court has upheld the levy of penal interest by the Yamuna Expressway Industrial Development Authority on additional compensation which was not paid by the petitioner during the pendency of litigation. The Principle of restitution is founded on the ideal of complete justice, entitling the successful party to compensation, including interest, for the period it was deprived of …

GREATER NOIDA: A report prepared by the Yamuna Expressway industrial development authority containing the database of all properties has revealed that at least 17,000 of the total 34,000 plot allottees are without possession due to court disputes over land pending, in the Allahabad High Court. YEIDA compiled the database of its over 34,000 plot allottees, following a survey in industrial, …

Defaulter Can't Initiate Criminal Proceedings Against Creditor/Auction Purchaser Against Auction Held Under SARFAESI Act, Must Go To DRT: Allahabad High Court

While quashing criminal proceedings against officers of M/s Himri Estate Private Limited and Indiabulls Housing Finance Ltd. initiated by Shipra Group, the Allahabad High Court held that defaulter cannot initiate criminal proceedings against creditor/auction purchaser against the auction conducted under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Criminal proceedings cannot be …

High Court

Amount Paid Upfront As Premium For Lease Of Hospital For 30 years Or More, Exempt From GST: Allahabad High Court

The Allahabad High Court has held that premium for plots allocated for hospitals under lease extending up to 30 years or more falls under the definition of ‘amount paid upfront’ and is exempt from Goods and Service Tax. While quashing the demand letter by Yamuna Expressway Industrial Development Authority issued to the petitioner, bench comprising of Justices Saumitra Dayal Singh …

Allahabad High Court Denies Jaypee’s Interim Plea To Sell Land For Clearing Dues When Allotment Stands Cancelled By Yamuna Expressway Authority

The Court was hearing Jaypee's challenge to the cancellation of allotment. The Allahabad High Court has declined the proposal of M/s Jai Prakash Associates to sell off certain portion of the 1,000 hectares land earlier allotted to it under the Special Development Zone Project in the Yamuna Expressway Development Area, for clearing the dues of YEIDA. An interim order was …

Jai Prakash Associates Limited, a real estate firm, intends to sell 150 acres of land to raise ₹2,755 crore to pay the Yamuna Expressway Industrial Development Authority’s financial obligations, the developer said in the Allahabad high court recently. In a hearing in the Allahabad high court on May 25, JALs lawyer, Jayant Bhushan, argued that JAL should be given more …

The Allahabad High Court on Wednesday allowed the second bail application filed by a Revenue Official in Uttar Pradesh's Ghaziabad district in connection with the Rs. The order was passed by Single Bench of Justice Suneet Kumar, after it was informed that there was a change in circumstances for moving the second bail application inasmuch as a prosecution witness of …