The Bombay High Court (HC) has ruled that real estate developer and firm Kalpataru Properties be handed over a prime parcel of land at Worli in a 14-year-old legal battle for the land. The court ordered that the prime land plot be handed over to the real estate firm for Rs 105 crores. The court upheld the tribunal's order in respect to the deal struck in the year 2004 between the Kalpataru Properties and the SRUIPL and VIT, both sister concerns of the Kasliwal family, which owns the land. Aarey Metro Car Shed: Bombay High Court Directs BMC to Address Complaint of Activists Opposing Axing of Trees.

The High Court dismissed appeals that were filed against the arbitral tribunal's orders. An arbitral tribunal is a panel of one or more adjudicators which is convened and sits to resolve a dispute by way of arbitration (outside the court).

The HC directed Shree Ram Urban Infrastructure Private Limited (SRUIPL) and Vijay Infrastructure Technologies (VIT) to honour the agreement that was made in the year 2004, said a report in The Times of India. Both the SRUIPL and the VIT are sister concerns of the Kasliwal family.

The TOI report says that SRUIPL owns the 16 acres of mill land and that it had granted the development rights to its sister concern VIT over a certain portion. The 2004 Memorendum of Understanding (MoU) or agreement that the court refered to was executed between the Kasliwal family owned- SRUIPL & VIT and Kalpataru, and the agreement gave Kalpataru the rights to develop over five acres in the plot.

Kalpataru appraoched the tribunal in December 2005 to enforce the agreement. But the matter came to a standstill, after SRUIPL and VIT then filed a counter claim, claiming damages of over Rs 760 crore. The tribunal, in 2016, ruled in favour of Kalpataru and the HC upheld the order. SRUIPL and VIT challenged the order and claimed that Kalpataru had failed to produce the bank guarantees to the tune of Rs 57 crore. But the HC division bench agreed with the tribunal's order in favour of Kalpataru Properties saying that the conduct of Kalpataru had always been that of willing to honour the agreement and hence upheld the ruling in their favour.

(The above story first appeared on LatestLY on Oct 15, 2018 09:52 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).