The High Court Verdict Very Soon...........
The country’s largest slum redevelopment and rehabilitation project, it entailed building new tenements for 85,000 families and relocating them, freeing up 276 acres for Mumbai International Airport Pvt. Ltd (MIAL) to build a new terminal and other facilities and expand the runway.
Spanner in the works:
A spanner in the works was SRA’s contention that this agreement is independent of HDIL’s contract with MIAL. The agency is demanding that it be given possession of the tenements being constructed by the firm.
SRA has already released some development rights to HDIL which the latter sold in the market for Rs.2,400 crore. Therefore, SRA says, the firm is bound to complete the project as per the agreement and cannot stop the work.
HDIL’s consolidated net debt as of 31 March was Rs.3,821.53 crore, about Rs.120 crore less than in December.
“This will be contingent upon converting old receivables (Rs.700 crore, launch of new projects (3-5 million sq. ft target) and some asset sales,” Kumar and Prithyani wrote.