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Hyderabad High Court Orders Payment Of Rs 660 Crore To Unitech

Andhra Pradesh was bifurcated in June 2014 and subsequently the Telangana government created TSIIC.

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Hyderabad High Court Orders Payment Of Rs 660 Crore To Unitech

Unitech had sought interest on the principal amount of Rs 165 crore


Hyderabad: 

The Hyderabad High Court has directed the Telangana government and Telangana State Industrial and Infrastructure Corporation to pay over Rs 660 crore to the debt-laden Unitech towards principal and interest in a case related to a land development project in 2008.

Justice MS Ramachandra Rao gave the direction on October 23, on the petition by Unitech in the case pertaining to development of 350 acres of land here in 2008 by the company.

The petitioner alleged that the state government entity did not hand over the land due to a titles dispute and sought the return of the Rs 165 crore it had paid to the Andhra Pradesh Industrial Infrastructure Corporation of the then united Andhra Pradesh State (now TSIIC) during 2007 and 2008.

It also sought interest on the principal amount.

According to the petitioner, the amount was deposited after it emerged as the successful bidder for developing the design and constructing an integrated airport township and multi-services aerospace park, in a bidding process by the APIIC in 2008.

Andhra Pradesh was bifurcated in June 2014 and subsequently the Telangana government created TSIIC.

In his order, the judge said, "Therefore I hold that the amount of Rs 660.55 crores is due and payable to the petitioners by respondents, which shall be paid by respondents to petitioner No. 3 within 4 weeks from today."

"However they are entitled to recover it from the State of Andhra Pradesh and the APIIC, if under law they are entitled to do so."

"This does not preclude the petitioners from claiming other amounts from respondents towards damages under other heads, if they are entitled to do so under law," he said.



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