SC Allows New Developers for JAL's Stalled Projects

The Supreme Court on Monday allowed the Yamuna Expressway Industrial Development Authority (Yeida) to appoint new developers to complete residential projects of Jaiprakash Associates Ltd (JAL), after the authority's decision to cancel a 1,000-hectare lease to JAL was upheld by the Allahabad high court in March.

- Abraham Thomas

NEW DELHI:

A bench of Justice Sanjay Kumar, while permitting Yeida to proceed in line with the HC judgment, disallowed the authority from making a final decision without the top court's permission. The court listed the matter for July 29.

The order came against the backdrop of JAL, currently under insolvency, challenging the Allahabad high court's March 10 order in the top court. In April, the top court issued notice and sought Yeida's response, but did not grant a stay.

Senior advocate Shyam Divan, appearing for JAL's resolution professional along with advocate Malak Manish Bhatt, sought a stay on further action by Yeida. "We want a status quo protection as the land involved is 965.74 hectares. They have terminated the allotment, and new developers are being appointed for development of the land," Divan said.