The Hyderabad High Court has directed the Telangana government and Telangana State Industrial and Infrastructure Corporation to pay over Rs 660 crore to debt-laden Unitech Limited towards principal and interest in a case related to a land development project in 2008.
Justice M S Ramachandra Rao gave the direction on October 23, on the petition by Unitech Limited 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 handover the land due to 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 principle 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 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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/markets/stocks/photo-gallery-psu-multibagger-stock-to-buy-motilal-oswal-picks-hudco-for-up-to-9-per-cent-returns-check-target-stop-loss-share-price-nse-bse-stock-market-news-303619](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306717-stock-market-pixa.jpg?itok=Tjaq_GFo)
MOFSL suggests buying this multibagger PSU stock which has given almost 5x returns in a year; check out target
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
11:00 PM IST