200 proposed high end luxury apartment project is under the lens of Delhi High Court.

Q: This project is under investigation over the issue of possession rights.

Raj Roy, Delhi

1st June 2015

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Replies (3)

Hey Guys,
As per different sources, the status quo was requested by Justice Muralidhar, after being persuaded that BMS transmitted the money invested by VLS Finance in it , which was supposedly utilized by the promoters of BMS to make different properties, including the one at Okhla through a firm called Southend Properties.

Nikhil Agarwal, Delhi

1st June 2015

Comment

Hi Raj Roy,
As per news, the court banned both BMS and Southend from transfer as well as sale of their properties in Noida and Okhla, leaving it to the Arbitration Tribunal ,hearing the principle debate in the middle of VLS and BMS, to accept a call assuming that stay order needs to be changed.

Sujan Mitra,

2nd June 2015

Hi Raj ,
According to me, although the tribunal confirmed the stay, Southend,the landowner, made a 3rd party rights by going into a cooperation agreement with a company called Wonder Space Properties ,a Godrej subsidiary in year 2013 June, inciting VLS Finance to investigate contempt of the court.

Bulbul Verma,

3rd June 2015

@ Raj Roy,
According to sources, in the first hearing Justice S K Mishra not only repeat status quo as well as even extended its boundary to Wonder Space Properties, the new associate who argued innocence. On its part, Wonder Space pleaded it was never a party to the primary dispute and directed all needed due diligence before going into the agreement.

Samrat,

4th June 2015

@ Mr Raj Roy,
As per my knowledge, Wonder Space also pleaded in court that the 2012 requests were not relevant to them since these requests/orders were substantial just till year 2013 September. The Chief Justice's bench is liable to analyze in July if the residential development project can be cleaned available for buy/sale of flats to public.

Rituraj,

5th June 2015

Hi Raj roy,

According to current news, this case came in before the Chief Justice's bench, after a single judge practicing contempt jurisdiction passed an extraordinary request adjusting four status quo orders went by three different judges on the disputed land. In last year December, Justice V K Shali recalled orders, passed by judges Rajiv Shakdher, S Muralidhar and S K Mishra since 2012 regarding the land forbidding its sale, exchange or creation of 3rd party rights.

Vibhor, Delhi

1st June 2015

Comment

@ Raj Roy,
The property was drawn into court due to a conflict between a finance firm and a developer/builder. In his request in April 2012, Justice S Muralidhar initially banned the property owners, southend infrastructure, from selling, transferring or making 3rd party rights on the property, on a appeal registered by a finance firm VLS Finance, entangled in a disagreement regarding recovery of dues from the builders / promoters of an organization called BMS IT.

Pranab Malakar, Delhi

1st June 2015

Hi Raj,
As per latest news, high end luxurious residential project ,spread over 5acres of land is under investigation by Delhi High Court due to possession rights issue. Asking the status quo on land in Okhal industrial area Phase-1, justice Rajiv Sahai & Chief justice G Rohini , expressed that ,this matter requires deeper consideration.

James, Delhi

1st June 2015

Comment

@ Raj,
As per my knowledge, 1000Cr was estimated for this high end project. Which would deliver 200 high end luxurious apartments. In its request, the court coordinated parties to keep up status quo acquiring as on today concerning property in question in all regards till next date of hearing.

High court further made it clear that its request should not block developmental activity, if any, on property in question. On the other hand, the same should be liable to result of the appeal.

Richa, Delhi

1st June 2015