Supreme Court Dismisses RLDA’s plea in Rs 1034 cr dispute: Parsvnath Ltd

New Delhi: Real estate Developer Parsvnath Ltd today said the Supreme Court Of India has dismissed the Special Leave Petition filed by Rail Land Development Authority (RLDA) relating to the dispute of Rs 1034 crore between the realty firm and RLDA.

In its hearing on 8th July 2019, the Supreme Court Of India dismissed the Special Leave Petition filed by Rail Land Development Authority (RLDA) against the orders of Division Bench of Delhi High Court Real, the realty firm said in a regulatory filing to the Bombay Stock Exchange. In March 2019, the Division Bench of Delhi High Court had upheld its claim of Rs 1034 crore relating to dispute in a project in Delhi NCR.

Parsvnath Developers had terminated its development agreement In 2016 with RLDA because of title dispute in relation to a 38 acre land parcel that the company had purchased for Rs 1,651 crore. Parsvnath Rail Land Project Pvt Ltd (PRLPPL), the special purpose vehicle formed to develop this project, had gone into the arbitration to settle the issue.

In March 2019, the Division Bench of Delhi High Court had dismissed the plea of RLDA, which had challenged a single judge order that upheld arbitral award of ₹ 1,034 crore to the realty firm.

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