Emaar MGF Challenges High Court’s Verdict on CWG Village Case
Real estate giant Emaar MGF today challenged a single judge’s dismissal of its plea for restraining Delhi Development Authority from encashing its bank guarantee worth Rs 183 crore due to delay in completion of the Commonwealth Games village . The Bench headed by Justice Vikramjit Sen allowed continuation of the single judge’s status quo order on partial encashment of the bank guarantee by DDA. The duration of the previous order on status quo expired today.
However, the bench accepted DDA Standing Counsel Ajay Verma’s plea that DDA has a right to ask for a fresh security as the bank guarantee expires on December 31 as per the contract. The High Court had on October 25, while approving partial encasement of the bank guarantee to the tune of Rs 90 crore by DDA, had asked the housing body not to encash the entire amount totalling Rs 183 crore.
The High Court had given the approval when DDA informed it that it had alread